Problem 11-2A Based of information provided above how do you find the following
ID: 2417062 • Letter: P
Question
Problem 11-2A
Based of information provided above how do you find the following plz list steps if possible
The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,100 shares authorized) Common Stock ($3 stated value, 337,600 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,100 common shares) $246,000 810,240 12,300 270,080 683,100 32,B00 During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,900 shares of common stock for $29,400. Mar. 20 Purchased 1,740 additional shares of common treasury stock at $B per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov.i Paid the dividend declared on October 1 Dec. 1 Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Determined that net income for the year was $279,200. Paid the dividend declared on December 1. Dec. 31Explanation / Answer
1.
Par value of each share of common stock = $3
Par value of 4900 shares issued = $3 * 4900 = $14,700
Paid in capital in excess of par value = $29,400 - $14,700 = $14,700
Feb. 1
Cash
$29,400
Common stock
$14,700
Paid in capital in excess of stated value – Common stock
$14,700
5.
Common stock shares as on January 1, 2014 = $810,240 / $3 = 270,080
Common stock shares issued on Feb 1 = 4900
Common stock shares on record as on December 15, 2014 = 270,080 + 4,900 = 274,980
Dividend per share = $.80
Total dividend payable to common stock holders = $274,980 * $0.80 = $219,984
Feb. 1
Cash
$29,400
Common stock
$14,700
Paid in capital in excess of stated value – Common stock
$14,700