- Ingo Corporation Was Organized In January To Operate A Pet Goods And Grooming Services Business The Charter Issued By T 1 (97.78 KiB) Viewed 36 times
ingo Corporation was organized in January to operate a pet goods and grooming services business. The charter issued by the state authorized the following capital stock: ommon stock, $1 par value, 200,000 shares. referred stock, $100 par value, 6 percent, 50,000 shares. Fequired: 1) Complete the journal entries for each of the following transactions that occurred during the year: a) Collected $256,000 cash and issued 16,000 shares of common stock. Cash $256,000 Common Stock APIC - Common Stock $16,000 240000 b) Issued 8,000 shares of preferred stock at $125 per share; collected in cash. Cash $1,000,000 Preferred Stock APIC - Preferred Stock $800,000 200000 c) Repurchased 1,200 shares of common stock for $20 per share. $24,000 Treasury Stock Cash $24,000 d) Cash dividends were declared in the amount of $60,000. $60,000 Dividends Dividends Payable $60,000 e) Paid the cash dividend. Dividends Payable Cash $60,000 $60,000
1) Dingo had $250,000 of Net Income for the year. Using the space provided below, prepare the stockholders' equity section of the balance sheet at December 31. Hint: If a line in the table is not needed, then leave it blank. Dingo Corporation Balance Sheet (partial) At December 31 Stockholders' Equity Contributed Capital: