Complete each question record transactions Question 1 Hernandez Company

Complete each question record transactions

Question 1

Hernandez Company had the following stock transactions during the year:

Issued 25000 shares of $1 par common stock for $25000.

Issued 20000 shares of $1 par common stock for $22000 cash.

Issued 22000 shares of $1 par common stock for $21000 cash.

Issued 2000 shares of $50 par 8% preferred stock for $100000 cash.

Issued 1000 shares of $50 par 8% preferred stock for $49000 cash.

Issued 1000 shares of $50 par 8% preferred stock for $51500

Issued 2500 shares of no-par common stock for $11875 cash

Issued 1500 shares of no par 7% preferred stock for $72000 cash.

Question 2

Kris Kraft Stores had the following stock transactions during the year.

Issued 4000 shares of no par common stock with a stated value of $10 per share for $40000 cash.

Issued 6000 shares of no par common stock with a stated value of $8 per share for $50000 cash.

Issued 5000 shares of no par 6% preferred stock with a stated value of $15 per share for $75000 cash.

Issued 3000 shares of no par 6% preferred stock with a stated value of $20 per share for $58000 cash.

Issued 10000 shares of $8 par common stock with a $9 fair market value for a building with an uncertain fair market value.

Issued 10000 shares of $5 common stock for land with a fair market value of $50000.

Issued 8000 shares of $50 par 8% preferred stock for land with a fair market value of $405000.

Question 3

During the year ended December 21 2013 Smith Company completed the following transactions:

04/15 Declared a semiannual dividend of $0.80 per share on preferred stock and $0.05 per share on common stock to shareholders of record on 05/05
payable on 05/10. Currently 4000 shares of $100 par preferred stock and 50000 shares of $1 par common stock are outstanding.

05/05 Record date of record entry.

05/10 Paid cash dividends.

10/15 Declared semiannual dividend of $0.80 per share on preferred stock and $0.50 per share on common stock to shareholders of record on November 5
payable on November 20.

11/5 Record date of record entry.

11/20 Paid cash dividends

11/22 Declared a 10% stock dividend to shareholders of record on December 8 distributable on December 16. Market value of the common stock was
estimated to be $8.

12/08 Record date of record entry.

12/16 issued certificated for common stock dividend.

12/20 Board of directors declared a two for one common stock split.