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Anаlyzing аnd Identifying Finаncial Statement Effects оf Stоck Transactiоns (FSET) McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 40,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 Issued 9,000 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 4,500 shares of its own common stock at $20 cash per share. Jun. 25 Sold 3,000 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 1,500 shares of treasury stock at $19 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Balance Sheet Income Statement Cash Noncash Contributed Earned Contra Net Transaction Asset + Assets = Liabilities + Capital + Capital - Equity Revenue - Expenses = Income i. Issuance of common stock. {#1} {#2} {#3} {#4} {#5} {#6} Common stock {#7} {#8} {#9} ii. Issuance of preferred stock. {#10} {#11} {#12} {#13} {#14} {#15} Preferred stock {#16} {#17} {#18} iii. Purchase of treasury stock. {#19} {#20} {#21} {#22} {#23} {#24} {#25} {#26} iv. Sale of treasury stock (Jun. 25). {#27} {#28} {#29} {#30} {#31} {#32} {#33} {#34} {#35} {#36} v. Sale of treasury stock (Jul. 15). {#37} {#38} {#39} {#40} {#41} {#42} {#43} {#44} {#45} {#46}
Identifying аnd Anаlyzing Finаncial Statement Effects оf Stоck Transactiоns (FSET) Following is the stockholders’ equity of Dennis Corporation at December 31 of the previous year. Preferred stock (1) $280,000 Common stock (2) 400,000 Paid-in capital in excess of par value—preferred stock 56,000 Paid-in capital in excess of par value—common stock 308,000 Retained earnings 190,400 Total stockholders’ equity $1,234,400 (1) 8% preferred stock, $50 par value, 8,000 shares authorized; 5,600 shares issued and outstanding (2) Common stock, $20 par value, 40,000 shares authorized; 20,000 shares issued and outstanding The following transactions, among others, occurred during the current year. Jan. 15 Issued 800 shares of preferred stock for $62 cash per share. Jan. 20 Issued 3,200 shares of common stock at $36 cash per share. May 18 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $10 per share. The authorization was increased to 80,000 shares. June 1 Issued 1,600 shares of common stock for $48,000 cash. Sept. 1 Purchased 2,000 shares of common stock for the treasury at $18 cash per share. Oct. 12 Sold 720 treasury shares at $21 cash per share. Dec. 22 Issued 400 shares of preferred stock for $59 cash per share. Using the financial statement effects template, illustrate the effects of each transaction. ● Note: Use negative signs with your answers, when appropriate. ● Note: Select "N/A" as your answer if a part of the accounting equation is not affected. Balance Sheet Income Statement Cash Noncash Contributed Earned Contra Net Transaction Asset + Assets = Liabilities + Capital + Capital - Equity Revenue - Expenses = Income Jan. 15: Issued preferred stock {#1} {#2} {#3} {#4} Preferred stock {#5} {#6} {#7} Jan. 20: Issued common stock {#8} {#9} {#10} {#11} Common stock {#12} {#13} {#14} May. 18: Stock split {#15} {#16} {#17} {#18} {#19} {#20} {#21} {#22} Jun. 1: Issued common stock {#23} {#24} {#25} {#26} {#27} Common stock {#28} {#29} {#30} {#31} Sep. 1: Purchased shares {#32} {#33} {#34} {#35} {#36} {#37} {#38} {#39} Oct. 12: Sold treasury shares {#40} {#41} {#42} {#43} {#44} {#45} Dec. 22: Issued preferred stock {#46} {#47} {#48} {#49} Preferred stock {#50} {#51} {#52}