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Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068 Exercise 72
Step-by-step solution
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Step 1 of 2
a.
1.January 1, 2010:
Dr. Cash ((150,000 @ $19) + (60,000 @ $122)) | 10,170,000 |
|
Cr. Common Stock (150,000 shares @ $19 per share) |
| 2,850,000 |
Cr. Preferred Stock (60,000 shares @ $100 per share) |
| 6,000,000 |
Cr. Additional Paid-In Capital--Preferred (60,000 @ $22) |
| 1,320,000 |
To record stock issuances.
2.December 28, 2011:
Dr. Retained Earnings | 1,800,000 |
|
Cr. Dividends Payable |
| 1,800,000 |
To record the declaration of dividends.
3.February 12, 2012:
Dr. Dividends Payable | 1,800,000 |
|
Cr. Cash |
| 1,800,000 |
To record the payment of dividends.
Step 2 of 2
Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
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