I have no clue where to start or anything with this problem. I need help Stockho

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I have no clue where to start or anything with this problem. I need help

Stockholders' Equity: Transactions and Statement The stockholders' equity section of Day Corporation's balance sheet at January 1 follows Common stock, $10 par value, 200,000 shares authorized, 35,000 shares 350,000 issued, 4,000 shares are in the treasury Additional paid-in capital $315,000 In excess of par value From treasury stock Retained earnings 18,000 333,000 298,000 981,000 84,000 $897,000 Less: Treasury stock (4,000 shares) at cost Total Stockholders' Equity The following transactions affecting stockholders' equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued common stock for $23 cash per share. Mar. 12 Sold all of the treasury shares for $29 cash per share. June 30 Declared a six percent stock dividend on all outstanding shares of common stock. The market value of the stock was $35 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 1,500 shares of common stock as treasury stock at $28 cash per share. Dec. 18 Declared a cash dividend of 80 cents per outstanding common share, payable on January 9 to stockholders of record on December 31

Explanation / Answer

Date Description Debit Credit 8-Jan Cash (15,000*23) 345000 common stock (15,000*10) 150000 Addittional paid in capital in excess of par 195000 12-Mar Cash (4000*29) 116000 Treasury stock (4000*21) 84,000 addittional paid in capital in excess of par 32000 30-Jun Retained earnings (3000*35) 105000 common stock div distributable 30000 Addittional paid in capital in excess of par 75000 (35000+15000shares) *6% = 3,000 10-Jul Common stock dividend distributable 30,000 common stock. 30,000 7-Oct Treasury stock 42000 Cash (1,500*28) 42,000 18-Dec Retained earnings 41200 dividends payable 41,200 (50,000+3000 - 1500)*.8 paid in capital common paid in capital from retained Treasury total stock in excess TS earnings stock Bal, jan 1 350,000 315,000 18,000 298,000 -84,000 897,000 15,000 common shares issued 150,000 195,000 345,000 4,000 treasury shares sold 32,000 84,000 116000 stock dividends issued 30,000 75,000 -105,000 0 1500 treasury shares react -42,000 -42,000 cash dividends declared -41,200 -41,200 net income 0 0 balance,dec 31 530,000 585,000 50,000 151,800 -42,000 1,274,800

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