Course : Financial and Managerial Accounting, SHOW ME HOW YOU GOT THE ANSWER PLEASE! 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash Record the issue of 7,000 shares of $10 par value common stock for $84,000 cash 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth 40,000. This stock has a $1 per share stated value. 3. “Common stock—$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding . . . . . . . . . . $600,000 Paid-In capital in excess of par value, common stock…..425,000 Retained earnings……………………………………………………….550,000 Total stockholders’ equity………………………………………….$1,575,000 On February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $40 per share on February 5 before the stock dividend. “The stock’s market value is $33.40 per share on February 28. a. Prepare entries to record both the dividend declaration and its distribution.” Record the declaration of 20% stock dividend. 4. One stockholder owned 800 shares on February 5 before the dividend. Compute the book value per share and total book value of this stockholder’s shares immediately before and after the stock dividend of February 5. Before After Book value per share Total book value of shares 5. York’s outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: 2013…….$ 20,000, 2014…. 28,000, 2015….200,000, 2016….350,00 Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combined. (Round your Dividend per Preferred Share answers to 2 decimal places.) Par Value per Dividend Rate, Dividend per Number of Preferred Preferred share, Preferred Share, Preferred Shares, Dividend Annual Preferred Dividend: Total cash Paid to Paid to Dividends in Dividend Paid, Preferred, Common Arrears at year-end 2013 $20,000 2014 28,000 2015 200,000 2016 350,000 To common shareholders $598,000 6. Common stock—$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding . . . . . . $ 750,000 Paid-in capital in excess of par value, common stock . . . 50,000 Retained earnings……. 340,000 Total stockholders’ equity . . . . . 1,140,000 In year 2014, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockhold- ers of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,500 of its treasury shares at $20 cash per share. Sept. 9 Directors declared a$2persharecashdividendpayableonOctober22totheSeptember23 stockholders of record Oct. 22 Paid the dividend declared on September 9….