1. Sabas Company has $40,000 shares of 1% preferredstock of $100 par and 100,000
ID: 2433507 • Letter: 1
Question
1. Sabas Company has $40,000 shares of 1% preferredstock of $100 par and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Year 1: $50,000Year 2: 90,000
Year 3: 130,000
Determine the dividends per share for preferred and commonstock for each year. 2. A corporation, which had $18,000 shares of commonstock outstanding, declared a 3-for-1 split. a. What will be the number of shares outstanding afterthe split? b. If the common stock had a market price of $240 pershare before the stock split, what wouuld be an approximate marketprice per share after the split? c. Journalize the entry to record the stock split. 3. On May 1, 10,000 shares of $10 par common stock wereissued at $30, and on May 7, 5,000 shares of $50 par preferredstock were issued at $111. Journalize the entries for May 1and May 7. 1. Present entries to record the following: a. Issued 1,000 shares of $15 par common stock at $54for cash. b. Issued 1,400 shares of no-par common stock inexchange for equipment with a fair market price of $24,000. c. Purchased 100 shares of treasury stock as $26. d. Sold 100 shares of treasury stock purchased in (c) at$29. 1. Sabas Company has $40,000 shares of 1% preferredstock of $100 par and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Determine the dividends per share for preferred and commonstock for each year. 2. A corporation, which had $18,000 shares of commonstock outstanding, declared a 3-for-1 split. a. What will be the number of shares outstanding afterthe split? b. If the common stock had a market price of $240 pershare before the stock split, what wouuld be an approximate marketprice per share after the split? c. Journalize the entry to record the stock split. 3. On May 1, 10,000 shares of $10 par common stock wereissued at $30, and on May 7, 5,000 shares of $50 par preferredstock were issued at $111. Journalize the entries for May 1and May 7. 1. Present entries to record the following: a. Issued 1,000 shares of $15 par common stock at $54for cash. b. Issued 1,400 shares of no-par common stock inexchange for equipment with a fair market price of $24,000. c. Purchased 100 shares of treasury stock as $26. d. Sold 100 shares of treasury stock purchased in (c) at$29.
Explanation / Answer
x.j5sp; Year 1 Year 2 Year 3
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