The following are selected transactions that may affect stockholders’ equity.1. Paid the cash dividend declared in a prior year.2. Recorded a retained earnings appropriation.3. Recorded accrued interest earned on a note receivable from a major shareholder.4. Purchased treasury stock. (The company uses the cost method.)5. Recorded salary expense accrual.6. Declared a cash dividend on preferred stock.7. Declared and distributed a 5% stock dividend.8. Issued $1 par value common stock (current market price of $75 per share) in exchange for land.InstructionsIn the table below, indicate the effect each of the eight transactions has on the financial statement elements listed. Use the following code:I = Increase D = Decrease NE = Noeffect
he cost of the trading securities of Munoz Company at December 31, 2014, is $64,000. At December 31, 2014, the fair value of the securities is $59,000.
Prepare the adjusting entry to record the securities at fair value.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.