Please help me Man Tote Corporation was authorized by its charter to issue 160,000 shares of 10%, $100 par cumulativepreferred stock and 300,000 shares of $2 par value common stock. In their first year of operations, theyhad the following transactions.A. Sold 100,000 shares of common stock for $800,000B. Sold 6,000 shares of preferred stock for $720,000.+ C. Purchased 10,000 shares of the Company's outstanding common stock for $6.00 per share for thetreasury.+ D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00+ E. Reissued 3000 shares of the company stock that was acquired in C at a price of $5.00* F. Declared a dividend of $.15 cents per share of common stock and for the amount due the preferredstock.+ G. Paid the required dividendsRequired:(a) Prepare the necessary journal entries(b) Prepare the stockholders' equity section of the balance sheet.

Working for Dividend Payable Dividends Preferred Stock (6000 shares *100*10%) $…

Man Tote Corporation was authorized by its charter to issue 160,0 preferred stock and 300,000 shares of $2 par value common stock. In their first yeår of operati had the following transactions. 4 A. Sold 100,000 shares of common stock for $800,000 4B. Sold 6,000 shares of preferred stock for $720,000. 4 C. Purchased 10,000 shares of the Company's outstanding common stock for $6.00 per share treasury. + D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00 4 E. Reissued 3000 shares of the company stock that was acquired in C at a price of $5.00 4 F. Declared a dividend of $.15 cents per share of common stock and for the amount due the

Man Tote Corporation was authorized by its charter to issue 160,0 preferred stock and 300,000 shares of $2 par value common stock. In their first yeår of operati had the following transactions. 4 A. Sold 100,000 shares of common stock for $800,000 4B. Sold 6,000 shares of preferred stock for $720,000. 4 C. Purchased 10,000 shares of the Company's outstanding common stock for $6.00 per share treasury. + D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00 4 E. Reissued 3000 shares of the company stock that was acquired in C at a price of $5.00 4 F. Declared a dividend of $.15 cents per share of common stock and for the amount due the

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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