Need Help asap within the hour for the following question. Please


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Need Help asap within the hour for the following question. Please don’t accept if you can’t complete within the hour. Depending on grade will also leave a nice tip. I know the deadline says 3am on May 9th but I need this by 1130pm on May 8th! On December 31, 2014, Rayco Inc. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 The following events occurred during 2014 and were not recorded: On January 1, Rayco declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. On February 15, Rayco reacquired 1,000 shares of common stock for $20 each. On March 31, Rayco reissued 250 shares of treasury stock for $25 each. On July 1, Rayco reissued 500 shares of treasury stock for $16 each. On October 1, Rayco declared full year dividends for preferred stock ( see outstanding shares in table above). Then, paid preferred shareholders on October 15 On October 1, Rayco also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares. Then, paid common shareholders on October 15. On December 15, Rayco split common stock 2 shares for 1. Requirements: Prepare journal entries for the transactions listed above. Prepare a Stockholders’ section of a classified balance sheet as of December 31, 2014 for the information given below: 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding. Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares  issued and outstanding Additional paid-in capital: Preferred stock in excess of par value is $34,000 Common stock in excess of stated value is $437,000 Eliment
posted a question · May 08, 2016 at 9:39pm

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