Maggie Corporation has the following capital structure at the beginning of the year: 4% Preferred stock,...
Maggie Corporation has the following capital structure at the beginning of the year:
| 4% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding | $300,000 | |
| Common stock, $10 par value, 60,000 shares authorized, 35,000 shares issued and outstanding | 350,000 | |
| Paid-in capital in excess of par | 103,000 | |
| Total paid-in capital | 753,000 | |
| Retained earnings | 430,000 | |
| Total stockholders' equity | $1,183,000 |
(a)
Partially correct answer iconYour answer is partially correct.
Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| 1. | A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. | |
| 2. | A 15% common stock dividend was declared. The average fair value of the common stock is $24 a share. | |
| 3. | Assume that net income for the year was $136,000 (record the closing entry) and the board of directors appropriated $75,000 of retained earnings for plant expansion. |
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(To record the closing entries.) |
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Maggie Corporation has the following capital structure at the
beginning of the year:
4% Preferred stock,...
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