The following transactions occurred at Horton Inc., during its first year of operation;Issued 100,000 shares of common stock at $5 each, 1,000,000, shares are authorized at $1 par value. Issued 10,000 shares of common stock for building and land. The building was appraised for $20,000, but land value was undetermined. The stock is selling for $10 on the open market. Purchased 1,000 shares of its own common stock on the open market for $16 per share. Declared a dividend of $0.10 per share on outstanding common stock. The dividend is to be paid after the the end of the first year of operations. Market value of the stock is $26. Declared a 2-for-1 stock split. The market value of the stock was $37 before the stock split. Reported $180,000 of income for the year.;Required;Indicate each transaction's effect on the asset's, liabilities,, and stockholder's equity of Horton Inc.;Prepare the Stockholder's Equity section of the balance sheet.;Explain the number of shares of stock issued and outstanding at the end of the year.
Horton Inc. Stock Transactions and Related Stock Calculations
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