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Thomson Corporation Mini Case

Thomson Corporation Stockholder's Equity December 31, 2007

Common stock (40,000 authorized, 25,000 issued and outstanding with par value of $10 per share.) - $250,000.00

Excess paid in capital on common stock - $125,000.00

Retained Earnings - $500,000.00

Total stockholder's equity - $875,000.00

During the current year, Thomson had the following stock transactions:

  • The company authorizes the sale of 10% preferred stock, 50,000 shares at par value of $50.
  • Sold 20,000 shares of preferred stock at $75 per share.
  • Purchased 5,000 shares of common stock at $20 per share for cash.
  • Declared and distributed a 2% stock dividend to common stockholders when market price was $25 per share.
  • Declared and paid $90,000 in cash dividends to common and preferred stockholders.
  • Sold 2,000 shares of treasury stock at $16 per share.
  • Net loss is $134,000.

Required:

1. Prepare the stockholder's equity section of the balance sheet for year end 2008.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92572014
  • Price:- $25

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