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[The following information applies to the questions displayed below.] Brice Co. completed the following transactions in 2016, the first year of...
[The following information applies to the questions displayed below.]
Brice Co. completed the following transactions in 2016, the first year of operation:
1. Issued 36,000 shares of no-par common stock for $15 per share.
2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share.
3. Paid a cash dividend of $12,250 to preferred shareholders.
4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share.
5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share.
6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses.
7. Closed the revenue, expense, and dividend accounts to retained earnings.
Requireda.Record each of these events in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA) and net change in cash (NC). Use NA to indicate that an element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.)
c .Prepare the stockholders’ equity section of the balance sheet at the end of 2016.
