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(Answered) Valenti Corporation, Trendy Corporation, Bailey Corporation


Problem 1;Valenti Corporation had 5,000 shares of $100 par value, 9 percent cumulative preferred stock and 30,000 shares of $10 par value common stock outstanding during each of its first four years of operation. The following amounts of cash dividends were paid during the years indicated: 20x1, $0, 20x2, $80,000, 20x3, $220,000, 20x4, $270,000. Determine the cash dividends per share paid to the preferred and common stockholders during each of the four years;Problem 2;Trendy Corporation is authorized to issue 100,000 shares of $5 stated value common stock and 2,000 shares of $100 par value, 8 percent preferred stock. Prepare journal entries without explanation to record the following transactions;Apr. l5 Issued 1,000 shares of common stock to an attorney for a bill of $9,000;in connection with the organization of the corporation.;25 Issued 1,000 shares of preferred stock for cash of $115 per share.;27 Issued 8,000 shares of common stock in exchange for land for a plant site;valued at $50,000.;May 1 Issued l5,000 shares of common stock for $90,000 in cash.;Problem 3;Prepare journal entries without explanations to record the following transactions involving Bailey Corporation's $5 par value common stock;Apr. 1 Purchased 500 shares of its own common stock for $12, the current market;price. This is the first transaction involving its own stock engaged in by the;company.;May 1 Sold 100 of the share purchased on April 1 for $15.;June 1 Retired 100 of the shares purchased on April 1. The original issue price was $8.;July 1 Sold 200 of the shares purchased on April 1 for $10.
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Valenti Corporation, Trendy Corporation, Bailey Corporation

 


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