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.