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(Solved by Expert Tutors) If someone could please complete a journal entry and stockholders sectio


On December

31, 2015, Raleigh?Corp. 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

Paid-in Capital in Excess of par, Common

150,000

Retained Earnings

700,000

The following events occurred during 2015 and were not recorded:

  1. On January 1,?Raleigh?Corp.?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.
  2. On February 15,?Raleigh?Corp.??reacquired 1,000 shares of common stock for $20 each.
  3. On March 31,?Raleigh?Corp.?reissued 250 shares of treasury stock for $25 each.
  4. On July 1,?Raleigh?Corp.?reissued 500 shares of treasury stock for $16 each.
  5. On October 1,?Raleigh?Corp.?declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
  6. On December 15,?Raleigh?Corp.?split common stock 2 shares for 1.
  7. Net Income for 2015 was $275,000.

Requirements:

 


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QUALITY

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DATE ANSWERED

Apr 19, 2020

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