On January 1, Pina Colada Corp. had 62,100 shares of no-par common stock issued and...
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Accounting
On January 1, Pina Colada Corp. had 62,100 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred.
Apr.
1
Issued 14,400 additional shares of common stock for $12 per share.
June
15
Declared a cash dividend of $1.50 per share to stockholders of record on June 30.
July
10
Paid the $1.50 cash dividend.
Dec.
1
Issued 6,400 additional shares of common stock for $13 per share.
Dec.
15
Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31.
(a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 0 decimal places, e.g.
Assets Liabilities Stockholders' Equity Paid-in-Capital PIC in Excess of Par Com. Retained Earnings Dividend Cash Common Stock Revenue Expense Jan. 10 $ July 1
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