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Problem 144The stockholders’ equity section of Benton Corporation’s balance sheet as of December 31, 2017 is as follows:Stockholders’ EquityCommon stock, $5 par value; authorized, 1,500,000 shares; issued, 300,000 shares $1,500,000Paid-in capital in excess of par 840,000Retained earnings 3,060,0005400000The following events occurred during 2018:1.Jan. 532,000 shares of authorized and unissued common stock were sold for $8 per share.2.Jan. 16Declared a cash dividend of 20 cents per share, payable February 15 to stock-holders of record on February 5.3.Feb. 1040,000 shares of authorized and unissued common stock were sold for $13 per share.4.March 1A 30% stock dividend was declared and issued. Fair value per share is currently $15.5.April 1A two-for-one split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share.6.July 1A 15% stock dividend was declared and issued. Fair value is currently $10 per share.7.Aug. 1A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21.Enter the above events into the following work sheet showing how each event affects the column.Common StockItemNo. ofShares IssuedTotalPar ValuePaid-in Capital inExcess of ParRetainedEarnings