Moscow Jewelry Co. reported the following summarized balance sheet at December 31, 2010:
Assets
Current Assets $33,600
Property and equipment, net $74,000
Total Assets $107,600
Liabilities and Equity
Liabilities $37,300
Stockholders' equity:
$0.70 cumulative preferred stock, $5 par, 300 shares issued $1,500
Common stock, $4 par, 6,500 shares issued $26,000
Paid-in capital in excess of par $17,800
Retained Earnings $25,000
Total Liabilities and Equity $107,600
During Moscow completed these transactions that affected stockholders' equity:
Feb 13 Issued 5,400 shares common stock for $5 per share
Jun 7 Declared regular cash dividend on preferred stock
Jun 24 Paid cash dividend
Aug 9 Distributed 10% stock dividend on the common stock. Market price of the common stock was $6 per share.
Oct 26 Reacquired 500 shares of common stock as treasury stock, paying $7 per share.
Nov 20 Sold 200 shares of treasury stock for $11 per share.
Requirements
1. Journalize Moscow's transactions. Explanations not required.
2. Report Moscow's stockholders' equity at Dec 31, 2011. Net income for 2011 was $28,000.
Assets
Current Assets $33,600
Property and equipment, net $74,000
Total Assets $107,600
Liabilities and Equity
Liabilities $37,300
Stockholders' equity:
$0.70 cumulative preferred stock, $5 par, 300 shares issued $1,500
Common stock, $4 par, 6,500 shares issued $26,000
Paid-in capital in excess of par $17,800
Retained Earnings $25,000
Total Liabilities and Equity $107,600
During Moscow completed these transactions that affected stockholders' equity:
Feb 13 Issued 5,400 shares common stock for $5 per share
Jun 7 Declared regular cash dividend on preferred stock
Jun 24 Paid cash dividend
Aug 9 Distributed 10% stock dividend on the common stock. Market price of the common stock was $6 per share.
Oct 26 Reacquired 500 shares of common stock as treasury stock, paying $7 per share.
Nov 20 Sold 200 shares of treasury stock for $11 per share.
Requirements
1. Journalize Moscow's transactions. Explanations not required.
2. Report Moscow's stockholders' equity at Dec 31, 2011. Net income for 2011 was $28,000.