Stockholders’ Equity Transactions, Journal Entries, and T-Accounts
The stockholders’ equity of Fremantle Corporation at January 1 follows:
| 8 Percent preferred stock, $110 par value, 20,000 shares | |
| authorized; 4,000 shares issued and outstanding | $440,000 |
| Common stock, $4 par value, 10,000 shares | |
| authorized; 40,000 shares issued and outstanding | 160,000 |
| Paid-in capital in excess of par value-Preferred stock | 200,000 |
| Paid-in capital in excess of par value-Common stock | 800,000 |
| Retained earnings | 550,000 |
| Total Stockholders' Equity | $2,150,000 |
The following transactions, among others, occurred during the year:
| Jan. | 1 | Announced a 2-for-1 common stock split, reducing the par value of the common stock to $2 per share. |
| Mar. | 31 | Converted $90,000 face value of convertible bonds payable (the book value of the bonds was $93,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. |
| June | 1 | Acquired equipment with a fair market value of $60,000 in exchange for 500 shares of preferred stock. |
| Sept. | 1 | Acquired 10,000 shares of common stock for cash at $20 per share. |
| Nov. | 21 | Issued 5,000 shares of common stock at $23 cash per share. |
| Dec. | 28 | Sold 1,000 treasury shares at $24 per share. |
| 31 | Closed net income of $107,000, to the Retained Earnings account. |
Required
Homework Answers
| General Journal | |||
| Date | Description | Debit | Credit |
| Jan. 01 | Memorandum Common Stock split 2 for 1. | ||
| Mar. 31 | Bonds payable | 90000 | |
| Premium on bonds payable | 3000 | ||
| Common stock ($90000/1000 x 125 x $4) | 45000 | ||
| Paid-in capital in excess of par value-common stock | 48000 | ||
| To record conversion of bonds. | |||
| Jun. 01 | Equipment | 60000 | |
| Preferred stock (500 x $110) | 55000 | ||
| Paid-in capital in excess of par value-preferred stock | 5000 | ||
| Issued preferred stock in exchange for equipment | |||
| Sept. 01 | Treasury stock (10000 x $20) | 200000 | |
| Cash | 200000 | ||
| Purchased treasury stock | |||
| Nov. 21 | Cash (5000 x $23) | 115000 | |
| Common stock (5000 x $4) | 20000 | ||
| Paid-in capital in excess of par value-common stock | 95000 | ||
| Issued common stock | |||
| Dec. 28 | Cash (1000 x $24) | 24000 | |
| Treasury stock (1000 x $20) | 20000 | ||
| Paid-in capital from treasury stock | 4000 | ||
| To record sale of treasury stock | |||
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Stockholders’ Equity Transactions, Journal Entries, and
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a. Set up T-accounts for the stockholders’ equity
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b. Prepare journal entries to record the foregoing
transactions and post to T-accounts above in part a. Do not prepare
the journal entry for the Dec. 31 transaction, but post the
appropriate amount to the Retained Earnings T-account. Determine
the ending balances for the stockholders’ equity
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a. Set up T-accounts for the stockholders’ equity
accounts as of the beginning of the year and enter the January 1
balances.
b. Prepare journal entries to record the foregoing
transactions and post to T-accounts above in part a. Do not prepare
the journal entry for the Dec. 31 transaction, but post the
appropriate amount to the Retained Earnings T-account. Determine
the ending balances for the stockholders’ equity
accounts.
c. Prepare the December 31 stockholders’ equity section
of the balance...
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