At the beginning of 2015, Tyler Corporation had the following stockholders’ equity balances in its general ledger:Comm...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

  1. Order Custom Essay, Course Work, Research and Term Papers

ACC 502-At the beginning of 2015, Tyler Corporation

April 14, 2018

At the beginning of 2015, Tyler Corporation had the following stockholders’ equity balances in its general ledger:
Common Stock, $10 Par Value

$2,500,000

Paid-In Capital in Excess of Par

1,500,000

Paid-In Capital, Treasury Stock

450,000

Paid-In Capital, Stock Options

200,000

Retained Earnings

5,000,000

Treasury Stock (15,000 shares)

(300,000)

Total Stockholders’ Equity

$9,350,000

The paid-in capital from stock options relates to options granted on 1/1/07 to the CEO as incentive compensation. As of
1/1/15, the remaining expected benefit period is four years; expense has been and will be recorded evenly over the
benefit period.
The following events were among the many occurring in 2015:
a.
b.
c.
d.
e.
f.
g.
h.
i.

January 2: Purchased 5,000 shares of its common stock for $16 per share. Taylor uses the cost method of
accounting for treasury stock transactions.
February 1: Declared and distributed a 1% stock dividend on common stock outstanding when the market price
of the stock was $24 per share.
April 1: Issued 20,000 shares of $50 par, noncumulative, convertible 6% preferred stock for $60 per share,
where one share of preferred stock is convertible into three shares of common stock.
July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $21 per share were re-issued
for $22 per share.
August 1: Holders of 8,000 shares of the preferred stock converted their shares into common stock when the
market value of the common stock was $22 per share. Taylor uses the book value method of accounting for
conversions.
October 1: Declared and paid a cash dividend of $2 per share on the outstanding common stock.
November 1: Corrected an error that was made several years ago, when land that had been purchased for
$100,000 was inadvertently expensed.
December 1: Declared and distributed a property dividend of land to preferred shareholders. The land had a
fair value of $75,000 and a carrying value of $60,000.
December 31: Recorded 2015 compensation expense related to the stock options.

The 2015 Final Net Income, including the effects of any net income items listed above (and the 2015 tax effects on net
income items), was $1,000,000. There were 500,000 shares authorized for both preferred and common stock.
Required:
1.
2.
3.

All journal entries for the items (a through i) above. No explanations. Ignore tax effects.
Complete the 12/31/15 Comprehensive Stockholders’ Equity section format
Prepare all in one excel tab










OUR SERVICE CHARTER






  • Professional Academic Writers

    An academic degree is one of the qualifications that our writers hold. This is only a minimum requirement that we ask from our writers, but the team also has writers who possess higher educational credentials. It means that the team comprises of competent writers who have gone through institutions of higher learning and passed their exams. Subsequently, the writers have a good grasp of what our clients require. It is notable that our writers not only want to apply their acquired knowledge, but they are also willing to help our clients to outperform them. This is a clear indication of a team that is willing to walk an extra mile. We uphold professionalism in our operations, and our clients should look forward to receive services from a team of experts. It is the spirit of value addition that makes us to scale any heights in order to deliver and outperform our clients’ expectations.

  • Money Back Guarantee

    If any of our writers deliver an incomplete or ambiguous paper that is off the topic, our clients can claim for a refund in regard to the oversight. We do not compromise our service delivery through submission of a paper that does not follow our clients’ instructions. We also mind about the interest of our customers, and we always give them value for their money. However, our clients have a choice to request for a free revision within 14-30 days, or depending on the length of the submitted paper. A client who needs a refund should send a request for it within 14 days after receiving the completed paper. If a client decides not to download the paper, then they can request for 100% refund. Any refunded amount usually goes to the client’s Bonus Balance as store credit. There is always extra compensation when the refund takes the form of store credit. Alternatively, the refunded amount can also go the client’s credit card.

  • Free Revisions

    The papers that we deliver usually reflect a high quality level. However, there is always a room for any additional fine-tuning touch in line with a client’s preference without any additional charges. To begin with, a client has discretion to make a choice on their preferred top writer from our team. Such a writer could have handled past work for the client and received a positive review from the same. It means that the client has confidence of the quality of service that the writer delivers. Secondly, a client has an option of making use of our editing services. Our editors are always on standby to revise the paper and ensure that it matches with the expectations of a client that the instruction brief had detailed. The revision covers content adjustment that removes off-topic details, addition of sources, removal of language style errors, and assessment of the referencing style in order to enhance compliance.

  • Better Grades Guarantee

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.




Related Questions