Homework Answers
a.
| Date | General Journal | Debit | Credit |
| Jan. 8 | Cash (15000 x $42) | 630000 | |
| Common stock (15000 x $5) | 75000 | ||
| Additional paid-in capital in excess of par value -common | 555000 | ||
| (To record the issuance of common stock) | |||
| Mar. 12 | Cash (6000 x $56) | 336000 | |
| Treasury stock | 138000 | ||
| Additional paid-in capital from treasury stock | 198000 | ||
| (To record sale of treasury stock) | |||
| Jun. 30 | Retained earnings [5% x (60000 + 15000) x $50] | 187500 | |
| Common stock dividend distributable (5% x 75000 x $5) | 18750 | ||
| Additional paid-in capital in excess of par value-common | 168750 | ||
| (To record declaration of stock dividend) | |||
| Jul. 10 | Common stock dividend distributable | 18750 | |
| Common stock | 18750 | ||
| (To record the distribution of stock dividend) | |||
| Oct. 7 | Treasury stock (2500 x $52) | 130000 | |
| Cash | 130000 | ||
| (To record purchase of treasury stock) | |||
| Dec. 18 | Cash dividends [$1 x (75000 + 3750 - 2500)] | 76250 | |
| Dividends payable | 76250 | ||
| (To record declaration of cash dividend) | |||
| Dec. 31 | Income summary | 351000 | |
| Retained earnings | 351000 | ||
| (To record net income) |
b.
| Day Corporation | ||
| Balance Sheet (Partial) | ||
| December 31 | ||
| Stockholders' Equity: | ||
| Common stock, $5 par value, 300,000 shares authorized, 78750 shares issued, 2,500 shares in treasury | 393750 | |
| Additional paid-in capital | ||
| In excess of par value | 1203750 | |
| From treasury stock | 228000 | 1431750 |
| Retained earnings* | 435250 | |
| 2260750 | ||
| Less: Treasury stock (2,500 shares) at cost | 130000 | |
| Total stockholders' equity $ | 2130750 | |
*Retained earnings = $348000 - $187500 - $76250 + $351000 = $435250
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