Required information E5-13 (Algo) Inferring Stock Issuances and Cash Dividends from Changes in Stockholders' Equity...

90.2K

Verified Solution

Question

Accounting

Required information

E5-13 (Algo) Inferring Stock Issuances and Cash Dividends from Changes in Stockholders' Equity LO5-3

Skip to question

[The following information applies to the questions displayed below.]

Consolidated Edison, Incorporated (Con Edison), is a public utility company operating primarily in New York whose annual revenues exceed $12 billion. It reported the following December 31 simplified balances in its statement of stockholders equity (dollars in millions):

	Current Year	Prior Year
Common stock	$ 38	$ 35
Paid-in capital	8,154	7,237
Retained earnings	10,700	10,278

During the current year, Con Edison reported net income of $1,353.

E5-13 Part 2

2. Assume that the only other transaction that affected stockholders equity during the current year was a single stock issuance for cash. Recreate the journal entry reflecting the stock issuance (in millions).

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member