Color Legend:

Line Item Descriptions

Numerical Answers

P11-1A

Preferred
Stock

Year
a.
2010
2011
2012
b.

2010
2011
2012

Common
Stock

Preferred
per share

Common
per share

P11-1A

P11-1B

Preferred
Stock

Year
a.
2010
2011
2012
b.

2010
2011
2012

Common
Stock

Preferred
per share

Common
per share

P11-4A

a.
Cash

Bonds Payable

Premium on Bonds Payable

Equipment

Preferred Stock

Common Stock
3 for 1 Stock Split

Paid-in-Capital in Excess of Par Value - Preferred Stock

Paid-in-Capital in Excess of Par Value - Common Stock

P11-4A

Paid-in-Capital from Treasury Stock

Treasury Stock - Common

Retained Earnings

b.
General Journal
Date

Description

Jan. 12 (Memorandum) Common Stock split 3 for 1.

Mar. 31

To record conversions of bonds.

Jun. 01

Issued preferred stock in exchange for equipment.

Sep. 01
Purchased treasury stock.
Oct. 12

P11-4A
General Journal
Date

Description
Sold treasury stock.

Nov. 21

Issued common stock.

Dec. 28

To record sale of treasury stock.

c.
Stockholders' Equity
Paid in Capital

Additional Paid-in-Capital

Total Paid-in-Capital

red Stock

mon Stock

P11-4A

Jan. 12

P11-4A

al
Debit

Credit

P11-4A

al

uity

Debit

Credit

P11-4B
a.
Cash

Bonds Payable

Discount on Bonds Payable

Equipment

Preferred Stock

Common Stock

2 for 1 Stock Split

Paid-in-Capital in Excess of Par Value - Preferred Stock

Paid-in-Capital in Excess of Par Value - Common Stock

Paid-in-Capital from Treasury Stock

Treasury Stock - Common

May. 18

P11-4B

Retained Earnings

b.
General Journal
Date

Description

Debit

Jan. 15

Issued shares of preferred stock.

Jan. 20

Issued common stock.

Jan. 31

To record conversions of bonds.

May. 18 (Memorandum) Common Stock split 3 for 1.
Jun. 01

Issued common stock in exchange for equipment.

Sep. 01
Purchased treasury stock.
Oct. 12

Sold treasury stock.

Dec. 22

Issued common stock.

Dec. 28

To record sale of treasury stock.

c.
Stockholders' Equity
Paid in Capital

Credit

P11-4B
General Journal
Date

Description

Additional Paid-in-Capital

Total Paid-in-Capital

Debit

Credit

P11-7A
a.
General Journal
Date

Description

Debit

Jun. 18
Declared stock dividend.
Jul. 01
Issued common shares as stock dividend.
Dec. 20

Declared a cash dividend on preferred and common stock outstanding.

b.
CYCLONE CORPORATION
Statement of Retained Earnings
For Year Ended December 31

Add:
Less:

Credit

P11-7B

a.
General Journal
Date

Description

Apr. 01
Declared stock dividend on common stock.
Apr. 15
Issued common shares as common stock declared as a dividend.
Dec. 07

Declared a cash dividend on common stock outstanding.

Dec. 17
Issued Shares of common stock declared as a dividend.
Dec. 20

Declared cash dividend on preferred and common stock.

b.
ELSON CORPORATION
Statement of Retained Earnings
For Year Ended December 31

Add:
Less:

P11-7B

ON
arnings
ber 31

P11-7B

Debit

Credit

P11-7B

P11-8A
a.
Cash

Bonds Payable

Premium on Bonds Payable

Equipment

Preferred Stock

Common Stock
2 for 1 Stock Split

Paid-in-Capital in Excess of Par Value - Preferred Stock

Paid-in-Capital in Excess of Par Value - Common Stock

Jan. 1

P11-8A
Paid-in-Capital from Treasury Stock

Treasury Stock - Common

Retained Earnings

b.
General Journal
Date

Description

Jan. 01 (Memorandum) Common Stock split 2 for 1.

Mar. 31

To record conversions of bonds.

Jun. 01

Issued preferred stock in exchange for equipment.

Sep. 01
Purchased treasury stock.
Nov. 21

Issued common stock.

Dec. 28

To record sale of treasury stock.

Debit

Credit

P11-9B
a.
Cash

Bonds Payable

Premium on Bonds Payable

Equipment

Preferred Stock

Common Stock
2 for 1 Stock Split

Paid-in-Capital in Excess of Par Value - Preferred Stock

Paid-in-Capital in Excess of Par Value - Common Stock

Paid-in-Capital from Treasury Stock

Jan. 1

P11-9B

Treasury Stock - Common

Retained Earnings

b.
General Journal
Date

Description

Jan. 01 (Memorandum) Common Stock split 2 for 1.

Mar. 31

To record conversions of bonds.

Jun. 01

Issued preferred stock in exchange for equipment.

Sep. 01
Purchased treasury stock.
Nov. 21

Issued common stock.

Dec. 28

To record sale of treasury stock.

Debit

Credit