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E8-17 and e8-22 | Accounting homework help

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E8-17

 

Issuing par stock

 

On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6.

 

  • a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions.

  • b. What is the total amount invested (total paid-in capital) by all stockholders as of May 31?

     

    E8-22

    Cash dividends

    The dates of importance in connection with a cash dividend declared and paid of $55,350 on a corporation’s common stock are February 6, March 9, and April 8. Illustrate the effects on the accounts and financial statements for each date.

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