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November 27, 2014

Homework Help: accounting

Posted by Anonymous on Monday, August 15, 2011 at 5:06pm.

Pearson began 20XX with 30,000 $1 common shares issued and outstanding. Paid in capital in excess of par was $25,000 and retained earnings were $75,000. Net income for 20XXwas $22,000.

Requirements:
Review Pearson's transactions for 20XX in the Excel Template below, then:

1.Record the transactions in the journal.
2.Prepare the statement of shareholders' equity for 20XX
ssued 10,000 shares $1 par common stock for $10 per share
Declared a cash dividend on 5,000 shares of 5% $4 par preferred stock and a $.20 per share dividend on 40,000 shares of common stock outstanding.
Paid the cash dividend
Declared a 2-for-1 stock split by calling in the 40,000 shares of $1 par common stock and issuing new stock in its place
Declared and distributed a 10% stock dividend on the common stock when the market value was $12 per share
Purchased 1,000 shares of common stock for the treasury for $13 per share
Sold 500 treasury shares for $15 per share

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