Common stock, $5 par (108,000 shares authorized, 21,600 shares
Additional paid-in capital
During 2017, Sheridan took part in the following transactions
concerning stockholdersâ€™ equity.
Paid the annual 2016 $10 per share dividend on preferred stock
and a $2 per share dividend on common stock. These dividends had
been declared on December 31, 2016.
Purchased 1,700 shares of its own outstanding common stock for
$41 per share. Sheridan uses the cost method.
Reissued 600 treasury shares for land valued at $27,800.
Issued 480 shares of preferred stock at $104 per share.
Declared a 10% stock dividend on the outstanding common stock
when the stock is selling for $42 per share.
Issued the stock dividend.
Declared the annual 2017 $10 per share dividend on preferred
stock and the $2 per share dividend on common stock. These
dividends are payable in 2018.
Prepare journal entries to record the transactions described
above. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select “No Entry” for the account titles and
enter 0 for the amounts.)
Account Titles and Explanation
SHOW LIST OF ACCOUNTS
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