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(Solution Download) Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As


 

 

 

 

 

 

 

Donnie Hilfiger has two classes of stock authorized: $1 par

 

preferred and $0.01 par value common. As of the beginning of 2015,

 

490 shares of preferred stock and 5,900 shares of common stock have

 

been issued. The following transactions affect stockholdersAc??c equity

 

during 2015:

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March1

 

  

Issues 3,000 shares of common

 

stock for $61 per share.

May

 

15   

Repurchases 590 shares of

 

treasury stock for $54 per share.

July

 

10   

Reissues 390 shares of treasury

 

stock purchased on May 15 for $59 per share.

October

 

15   

Issues 390 shares of preferred

 

stock for $64 per share.

December

 

1   

 

Declares a cash dividend on both common and preferred stock of

 

$2.40 per share to all stockholders of record on December 15.

 

(Hint: Dividends are not paid on treasury stock.)

 

December

 

31   

Pays the cash dividends declared

 

on December 1.

 

   

 

 

 

 

 

 

 

 

Donnie Hilfiger has the following beginning balances in its

 

stockholdersAc??c equity accounts on January 1, 2015: Preferred Stock,

 

$490; Common Stock, $59; Additional Paid-in Capital, $85,500; and

 

Retained Earnings, $34,300. Net income for the year ended December

 

31, 2015, is $14,600.

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

1.

 

Record each of these transactions. (If no entry is

 

required for a transaction/event, select "No journal entry

 

required" in the first account field.)

 

 

 

 

 

 

 

 

2.

 

Select whether each of these transactions would increase (+),

 

decrease (?), on total assets, total liabilities, and total

 

stockholdersAc??c equity by completing the following table. (If

 

none of the categories apply for a particular item, leave the cell

 

blank.)

 

 

 

 


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