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common shares issued

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Module 5 Assignment;Pearson began 2012 with 30,000 $1 common shares issued and outstanding. Paid in capital in excess of par was $25,000 and retained earnings were $175,000. Net income for 2012 was $22,000. Pearson Wood Supplies completed the following transactions for 2012.;Jan 2 Issued 10,000 shares $1 par common stock for $10 per share;6 Declared a cash dividend on 5,000 shares of 5% $4 par preferred stock and a $.20 per share dividend on 40,000 shares of common stock outstanding.;The date of record is January 15 and the date of payment is Jauary 20.;20 Paid the cash dividend;March 15 Declared a 2-for-1 stock split by calling in the 40,000 shares of $1 par common stock and issuing new stock in its place;April 10 Declared and distributed a 10% stock dividend on the common stock when the market value was $12 per share;June 14 Purchased 1,000 shares of common stock for the treasury for $13 per share;Dec 22 Sold 500 treasury shares for $15 per share;Requirements;1 Record the transactions in the journal.;Journal;Date Accounts Post Ref. Debit Credit;2 Prepare the statement of shareholders' equity for 20XX.;Pearson Wood Supplies;Statement of Shareholders' Equity;For the year ended 2012;Preferred stock Common Stock Additional Paid in Capital Retained Earnings Treasury Stock Total

 

Paper#81754 | Written in 18-Jul-2015

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