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em 11-13 Effects of StockholdersÃ¢â‚¬â„¢ Equity Transactions on the Balance Sheet The following transactions occurred at Horton Inc. during its first year of operation:
a. Issued 100,000 shares of common stock at $5 each; 1,000,000 shares are authorized at $1 par value.
b. Issued 10,000 shares of common stock for a building and land. The building was appraised for $20,000, but the value of the land is undeterminable. The stock is selling for $10 on the open market.
c. Purchased 1,000 shares of its own common stock on the open market for $16 per share. d. Declared a dividend of $0.10 per share on outstanding common stock. The dividend is to be
paid after the end of the first year of operations. Market value of the stock is $26. e. Declared a 2-for-1 stock split. The market value of the stock was $37 before the stock split. f. Reported $180,000 of income for the year.
1. Indicate each transactionÃ¢â‚¬â„¢s effect on the assets, liabilities, and stockholdersÃ¢â‚¬â„¢ equity of Horton Inc.
2. Prepare the StockholdersÃ¢â‚¬â„¢ Equity section of the balance sheet. 3. Write a paragraph that explains the number of shares of stock issued and outstanding at the
end of the year.
Horton inc. Assetsa) +$500,000 b) +$20,000+80,000 == Liabilities + Owners equity+100,000+400,000+10,000+90,000 = c) -16,000d)e) No entryf) +180,000 -16,000-10,900 +10,900 +180,000…
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