Preferred Stock, ($100 par value, 3% noncumulative, 50,000 shares authorized, 5,000 shares issued and outstanding) $500,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000
Paid-in Capital in Excess of par, Common 200,000
Retained Earnings 700,000
- On January 1, Moon Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $11 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
- On February 15, Moon Corp. reacquired 500 shares of common stock for $12 each.
- On March 31, Moon Corp. reissued 250 shares of treasury stock for $20 each.
- On July 1, Moon Corp. reissued 250 shares of treasury stock for $10 each.
- On October 1, Moon Corp. declared full year dividends for preferred stock and $1.00 cash dividends for outstanding shares and paid shareholders on October 15.
- On December 15, Moon Corp. split common stock 2 shares for 1.
- Net Income for 2016 was $200,000.
A. Prepare journal entries?
B. Stockholders’ section of a classified balance sheet as of December 31, 2017