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Sweet company's outstanding stock consists of 1000 shares of noncumulative

25/11/2021 Client: muhammad11 Deadline: 2 Day

Culver Corporation has outstanding 21,000 shares of $5 par value common stock. On August 1, 2017, Culver reacquired 210 shares at $87 per share. On November 1, Culver reissued the 210 shares at $75 per share. Culver had no previous treasury stock transactions. Prepare Culver’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

8/1/17

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11/1/17

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Marigold Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital. Prepare the April 20 and June 1 entries for Marigold. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Apr. 20

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June 1

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Riverbed Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2017, Riverbed took part in the following selected transactions.

Issued 5,000 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5,400.

Issued 1,200 shares of stock for land appraised at $46,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance.

Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2013 at $41 per share.

(a)

Prepare the journal entry to record item 1.

(b)

Prepare the journal entry to record item 2.

(c)

Prepare the journal entry to record item 3 using the cost method.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

(a)

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(b)

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(c)

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Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions.

Purchased 5,000 treasury shares at $45 per share.

Resold 2,000 of the treasury shares at $49 per share.

Resold 500 of the treasury shares at $40 per share.

Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method.

Assets

Liabilities

Stockholders’ Equity

Paid-in Capital

Retained Earnings

Net Income

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Exercise 15-10

For a recent 2-year period, the balance sheet of Oriole Company showed the following stockholders’ equity data at December 31 (in millions).

2017

2016

Additional paid-in capital

$ 890

$ 820

Common stock

540

530

Retained earnings

7,230

5,260

Treasury stock

1,677

775

Total stockholders’ equity

$6,983

$5,835

Common stock shares issued

216

212

Common stock shares authorized

500

Treasury stock shares

(a) Answer the following questions. (1) What is the par value of the common stock? (Round par value to 2 decimal places, e.g. $3.15.)

Par value of common stock

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(2) What is the cost per share of treasury stock at December 31, 2017, and at December 31, 2016?

December 31, 2017

December 31, 2016

Cost per share of Treasury stock

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(b) Prepare the stockholders’ equity section at December 31, 2017. (Enter account name only and do not provide descriptive information.)

Oriole Company Balance Sheet (in millions of dollars) (Partial)

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Sage Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30.

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Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

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Sandhill Corporation’s post-closing trial balance at December 31, 2017, is shown as follows.

SANDHILL CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017

Dr.

Cr.

Accounts payable

$ 405,100

Accounts receivable

$ 513,000

Accumulated depreciation—buildings

195,000

Additional paid-in capital in excess

of par—common

1,310,000

From treasury stock

150,000

Allowance for doubtful accounts

27,000

Bonds payable

292,000

Buildings

1,489,000

Cash

203,000

Common stock ($1 par)

195,000

Dividends payable (preferred stock—cash)

3,900

Inventory

579,000

Land

392,000

Preferred stock ($50 par)

550,000

Prepaid expenses

42,000

Retained earnings

271,000

Treasury stock (common at cost)

181,000

Totals

$3,399,000

At December 31, 2017, Sandhill had the following number of common and preferred shares.

Common

Preferred

Authorized

585,000

66,000

Issued

195,000

11,000

Outstanding

164,000

11,000

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders’ equity section of Sandhill’s balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)

SANDHILL CORPORATION Stockholders’ Equity

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The outstanding capital stock of Kingbird Corporation consists of 2,000 shares of $100 par value, 9% preferred, and 4,600 shares of $50 par value common. Assuming that the company has retained earnings of $81,500, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)

Preferred

Common

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(b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.)

Preferred

Common

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(c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)

Preferred

Common

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Shamrock Corporation had 306,000 shares of common stock outstanding on January 1, 2017. On May 1, Shamrock issued 29,400 shares. (a) Compute the weighted-average number of shares outstanding if the 29,400 shares were issued for cash.

Weighted-average number of shares outstanding

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(b) Compute the weighted-average number of shares outstanding if the 29,400 shares were issued in a stock dividend.

Weighted-average number of shares outstanding

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On January 1, 2016, when its $30 par value common stock was selling for $80 per share, Pronghorn Corp. issued $11,900,000 of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the corporation’s common stock. The debentures were issued for $12,852,000. The present value of the bond payments at the time of issuance was $10,115,000, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2017, the corporation’s $30 par value common stock was split 2 for 1, and the conversion rate for the bonds was adjusted accordingly. On January 1, 2018, when the corporation’s $15 par value common stock was selling for $135 per share, holders of 30% of the convertible debentures exercised their conversion options. The corporation uses the straight-line method for amortizing any bond discounts or premiums. (a) Prepare the entry to record the original issuance of the convertible debentures. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

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(b) Prepare the entry to record the exercise of the conversion option, using the book value method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

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On November 1, 2017, Nash Company adopted a stock-option plan that granted options to key executives to purchase 32,400 shares of the company’s $10 par value common stock. The options were granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $40, and the fair value option-pricing model determines the total compensation expense to be $486,000. All of the options were exercised during the year 2020: 21,600 on January 3 when the market price was $65, and 10,800 on May 1 when the market price was $75 a share. Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 5 decimal places, e.g. 1.24687 and final answers to 0 decimal places, e.g. 5,125.)

Date

Account Titles and Explanation

Debit

Credit

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Jan. 3, 2020

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May 1, 2020

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Sweet Company issues 9,300 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $465,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $385,000. (a) Prepare the journal entries to record the restricted stock on January 1, 2017 (the date of grant), and December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

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(b) On July 25, 2021, Tokar leaves the company. Prepare the journal entry to account for this forfeiture. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

7/25/21

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Pina Inc. presented the following data.

Net income

$2,700,000

Preferred stock: 48,000 shares outstanding, $100 par, 8% cumulative, not convertible

4,800,000

Common stock: Shares outstanding 1/1

781,200

Issued for cash, 5/1

278,400

Acquired treasury stock for cash, 8/1

153,600

2-for-1 stock split, 10/1

Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings per share

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The Windsor Corporation issued 10-year, $5,060,000 par, 7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 14:1, and in 2 years it will increase to 18:1. At the date of issue, the bonds were sold at 99. Bond discount is amortized on a straight-line basis. Windsor’s effective tax was 40%. Net income in 2017 was $11,200,000, and the company had 1,815,000 shares outstanding during the entire year. (a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.)

Basic earnings per share

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Diluted earnings per share

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