Expert answer:Liabilities/Equity, Accounting homework

Answer & Explanation:Please see attached. Any assistance would be greatly appreciated.Thanks in advance.i_14.04student.xls
i_14.04student.xls

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I-14.04
Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000 shares of
$3 par value common stock for $10 per share. The following additional equity-related transactions
occurred during 20X5.
Transaction A:
Issued 50,000 shares of $100 par value, 6%, cumulative preferred at $102 per share.
Transaction B:
Reacquired 10,000 common shares for treasury at $12 per share.
Transaction C:
Declared the full cash dividend on the preferred and $0.10 per share on the outstanding common
shares.
Transaction D:
Paid the previously declared dividends.
Transaction E:
Sold 10,000 treasury shares at $15 per share.
Transaction F:
Declared and issued a 2% common stock dividend. The dividend occurred subsequent to the
above described treasury stock transactions. The market value of the stock was $13 per share.
Transaction G:
Reacquired 20,000 common shares for treasury at $11 per share.
Transaction H:
Closed the annual net income of $800,000 from Income Summary to Retained Earnings.
(a) Prepare journal entries for the above described transactions.
(b) Prepare the 20X5 statement of stockholders’ equity reflecting the above described transactions.
(c) Prepare the stockholders’ equity section of Dry Dock’s balance sheet at December 31, 20X5.
Name:
I-14.04(a)
Date:
Section:
(a)
GENERAL JOURNAL
Date
Accounts
Cash
Common Stock
Pd-in Cap in Excess of Par – CS
To record issuance of 200,000 shares of $3
par value common stock at $10 per share
A
B
C
D
Debit
Credit
2,000,000
600,000
1,400,000
Name:
I-14.04(a)
Date:
Section:
GENERAL JOURNAL
Date
E
F
G
H
Accounts
Debit
Credit
Name:
I-14.04
Date:
Section:
Dry Dock Container Corporation
Statement of Stockholders’ Equity
For the Year Ending December 31, 20X5
Paid-in
Paid-in
Preferred
Capital
Capital
Stock, $100
Common
in Excess of in Excess of
Par
Stock, $3 Par
Par – PS
Par – CS
$
–
Issue common shares
–
–
–
–
–
–
–
Issue preferred shares
–
–
–
–
–
–
–
Purchase treasury stock
–
–
–
–
–
–
–
Cash dividends
–
–
–
–
–
–
–
Reissue treasury stock
–
–
–
–
–
–
–
Net income
–
–
–
–
–
–
–
Stock dividend
–
–
–
–
–
–
–
$ 31
Balance on December
–
–
$
$
–
–
$
$
–
–
$
Treasury
Stock
Balance – January 1$
$
–
Retained
Earnings
Total
Stockholders’
Equity
$
–
–
$
$
–
–
$
$
–
–
Name:
Date:
I-14.04(c)
Section:
(c)
Stockholders’ Equity
Capital stock:
Preferred stock,
$
Common stock,
–
–
$
–
Additional paid-in capital:
$
–
Total paid-in capital
$
–
$
–
Total stockholders’ equity
$
–
…
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