1. Brief Exercise 11-5

Troutman 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.)

Date

Account Titles and Explanation

Debit

Credit

Nov. 1Dec. 31

2.

2. Brief Exercise 11-5

Troutman 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.)

Date

Account Titles and Explanation

Debit

Credit

Nov. 1Dec. 31

3. Exercise 11-2

Fagan 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.)

Date

Account Titles and Explanation

Debit

Credit

June 12July 11Nov. 28

Exercise 11-4

The stockholders’ equity section of Leyland Corporation’s balance sheet at December 31 is presented here.

LEYLAND CORPORATION

Balance 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$3,352,320

From 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. 28

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Nov. 1Dec. 31

Nov. 1Dec. 31