For the following transactions. a. Sold 5,200 shares of $10 par value preferred

Question

For the following transactions.

a. Sold 5,200 shares of $10 par value preferred stock at $12.50 per share.

b. Declared the annual cash dividend of $3.20 per share on common stock. There were 18,400 shares of common stock issued and outstanding throughout the year.

c. Issued 6,400 shares of $10 par value preferred stock in exchange for a building when the market price of preferred stock was $14 per share.

d. Purchased 300 shares of preferred stock for the treasury at a price of $16 per share.

e. Sold 140 shares of the preferred stock held in treasury (see d) for $17 per share.

f. Declared and issued a 15% stock dividend on the $1 par value common stock when the market price per share was $45.

If the retained earnings are $124,200, what would be the additional paid in capital and common stock for item f?

Explanation / Answer

b. Declared the annual cash dividend of $3.20 per share on common stock. There were 18,400 shares of common stock issued and outstanding throughout the year.

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