Accounting question on dividends
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Accounting question for wileyplus
Marin Company was formed on July 1, 2015. It was authorized to issue 306,400 shares of $10 par value common stock and 101,400 shares of 7% $25 par value, cumulative and nonparticipating preferred stock. Marin Company has a July 1–June 30 fiscal year.
The following information relates to the stockholders’ equity accounts of Marin Company.
Common Stock
Prior to the 2017–2018 fiscal year, Marin Company had 111,200 shares of outstanding common stock issued as follows.
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1. |
81,900 shares were issued for cash on July 1, 2015, at $30 per share. |
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2. |
On July 24, 2015, 5,000 shares were exchanged for a plot of land which cost the seller $68,100 in 2009 and had an estimated fair value of $220,900 on July 24, 2015. |
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3. |
24,300 shares were issued on March 1, 2016, for $41 per share. |
During the 2017–2018 fiscal year, the following transactions regarding common stock took place.
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November 30, 2017 |
Marin purchased 1,900 shares of its own stock on the open market at $37 per share. Marin uses the cost method for treasury stock. |
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