29 Jul BRIEF EXERCISE 11-5TROUTMAN CORPORATION
Brief Exercise 11-5Troutman Corporation has 7,450 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit Nov. 1Dec. 312.2. Brief Exercise 11-5Troutman Corporation has 7,450 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit Nov. 1Dec. 313. Exercise 11-2Fagan Co. had these transactions during the current period.June 12Issued 81,000 shares of $1 par value common stock for cash of $303,750.July 11Issued 2,820 shares of $104 par value preferred stock for cash at $112 per share.Nov. 28Purchased 1,270 shares of treasury stock for $7,710.Prepare the journal entries for the Fagan Co. transactions shown above. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCredit June 12July 11Nov. 28Exercise 11-4The stockholders’ equity section of Leyland Corporation’s balance sheet at December 31 is presented here.LEYLAND CORPORATIONBalance Sheet (partial)Stockholders’ equity Paid-in capital Preferred stock, cumulative, 8,667 shares authorized, 5,200 shares issued and outstanding$ 535,600 Common stock, no par, 713,922 shares authorized, 552,100 shares issued1,656,300 Total paid-in capital2,191,900 Retained earnings1,192,100 Total paid-in capital and retained earnings3,384,000 Less: Treasury stock (5,940 common shares)(31,680)Total stockholders’ equity$3,352,320From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? June 12July 11Nov. 28 June 12July 11Nov. 28Click if you would like to Show Work for this qu Nov. 1Dec. 31 Nov. 1Dec. 31
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