50.1K

Verified Solution

Link Copied!

Project 3: Stockholders' Equity (10 points) RequirediAnwer the questions on the following page in this boolder and turn in the en hodet at the beginning of class on the date specified by your Instructor shown below is the stockholders equity section of Holiday Travels balance sheet er December 31, 2020 Common stock $2 par value, 5,000,000 shares authorized 390,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity During 2021, the following events occurred: Holiday Travels was authorized to sell 120,000 shares of $100 par, 8% preferred stock Holiday sold 18,000 shares of the preferred stock at its par value A cash dividend of $185,000 was declared and paid > Holiday Travels declared and issued a 10% stock dividend on the common stock when the market value of the stock was $18 per share Net income for the year was $1,350,000 $120,000 1,360,000 2530.000 54610.000 Instructions for Project 3: Answer the following, based on the information given on the Capital stock, as of December 31, 2021: # of common shares authorized #of common shares issued and outstanding # of preferred shares issued and outstanding Amount of cash dividend to common stockholders Amount of cash dividend to preferred stockholders Total debit to Stock Dividends account $ Additional paid-in capital, at December 31, 2021 Retained earnings, at January 1, 2021 $ $ Retained earnings, at December 31, 2021 $ Total Stockholders' Equity, at December 31, 2021 $

Answer & Explanation Solved by verified expert

See Answer