Homework Answers
Solution 1:
| Common Stock, $10 Par | |||
| Beg. Bal. | $1,24,000 | ||
| $9,000 | Cash (133000-124000) | ||
| End. Bal. | $1,33,000 | ||
| Paid in Capital in excess of Par | |||
| Beg. Bal. | $3,54,000 | ||
| $2,37,000 | Cash (591000-354000) | ||
| End. Bal. | $5,91,000 | ||
Cash Received = $9000 + $237000 = $246,000
Solution 2:
| Retained Earnings | |||
| Beg. Bal. | $3,11,500 | ||
| $60,000 | Net Income | ||
| Dividends ($311500+60000-337500) | $34,000 | ||
| End. Bal. | $3,37,500 | ||
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