Chap018 - Student Name: Instructor Class: McGraw-Hill/Irwin...

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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 18-03 Requirement 1: NATIONAL SUPPLY General Journal Account Debit Credit February 15, 2011 Retired Common stock 300,000 Paid-in capital - excess of par 1,500,000 Retained earnings 600,000 Cash 2,400,000 «- Correct! Accounted for as treasury stock Treasury stock 2,400,000 Cash 2,400,000 «- Correct! February 17, 2012 Retired Common stock 300,000 Paid-in capital - excess of par 1,500,000 Paid-in capital - share repurchase 150,000 «- Correct! Cash 1,650,000 Accounted for as treasury stock Treasury stock 1,650,000 Cash 1,650,000 «- Correct! November 9, 2013 Retired Cash 1,400,000 Common stock 200,000 Paid-in capital - excess of par 1,200,000 «- Correct! Accounted for as treasury stock Cash 1,400,000 Retained Earnings 200,000 Treasury stock 1,600,000 «- Correct! NATIONAL SUPPLY Shareholders' Equity At January 1, 2013 Shares Treasury Retired Stock Paid-in capital: Common stock, $1 par $5,600,000 $6,000,000 Paid-in capital - excess of par 28,200,000 30,000,000 Paid-in capital - share repurchase 150,000 -
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Retained earnings 130,900,000 131,300,000 Less: treasury stock (2,450,000) Total shareholders' equity $164,850,000 $164,850,000 Correct! Correct!
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Given Data P18-03: NATIONAL SUPPLY Balance Sheet At December 31, 2010 ($ in millions) Shareholders' Equity Common stock (6 million shares at $1 par) $6,000,000 Paid -in capital - excess of par 30,000,000 Retained earnings (deficit) 86,500,000 Shares reacquired 2/15/2011 300,000 Price per share $8 Shares reacquired 2/17/2012 300,000 Price per share $6 Shares sold 11/9/2013 200,000 Price per share $7 Net income for 2011 $14,000,000 Net income for 2012 $15,000,000 Net income for 2013 $16,000,000
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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 18-05 Requirement 1: BRANCH-RICKIE CORPORATION General Journal Account Debit Credit 2011 November 1 - declaration date Retained earnings 84,000,000 Cash dividends payable 84,000,000 «- Correct! November 15 - date of record no entry December 1 - payment date Cash dividends payable 84,000,000 Cash 84,000,000 «- Correct! 2012 March 1 - declaration date Investment in Warner bonds 300,000 Gain on appreciation of investment 300,000 «- Correct! Retained earnings 1,600,000 Property dividends payable 1,600,000 «- Correct! March 13 - date of record no entry April 5 - payment date Property dividends payable 1,600,000 Investment in Warner bonds 1,600,000 «- Correct! July 12 Retained earnings 110,250,000 «- Correct! Common stock 5,000,000 Paid-in capital - excess of par 100,000,000 Cash 5,250,000 November 1 - declaration date Retained earnings 88,000,000 Cash dividends payable 88,000,000 «- Correct! November 15 - date of record
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Chap018 - Student Name: Instructor Class: McGraw-Hill/Irwin...

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