ABC’s Stockholders’ Equity ection most recent Balance Sheet is as follows: 5% Preferred Stock ($50-par, 5,000 shares authorized, 2,000 shares issued and outstanding) $100,000 Common Stock ($10-par, 100,000 shares authorized, 30,000 shares issued and outstanding) 300,000 Paid-In Capital in Excess of Par: Preferred 40,000 Paid-In Capital in Excess of Par: Common 305,000 Retained Earnings 355,000 Total Stockholders’ Equity $1,100,000 Journal Entries: a. Declared a cash dividend of $1 per share to common stockholders. b. Paid the cash dividend. c. Declared the cash dividend on preferred stock. d. Paid the preferrede cash dividend. e. Declared a 10% common stock dividend. The market price of the common stock was $32 per share. f. The 10% common stock dividend was distributed. g. Carter’s purchased 5,000 shares of its own stock for $10 per share. Date Account Title Debit Credit a. b. c. d. e. f. g.
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