Prepare journal entries to record these transactions.

Barton Corporation began operations on January 1, 2010. The following transactions relating to stockholders’ equity occurred in the first two years of the company’s operations.

2010

Jan. 1 Authorized the issuance of 2 million shares of $5 par value common stock and 100,000 shares of $100 par value, 10% cumulative, preferred stock.

Jan. 2 Issued 200,000 shares of common stock for $12 cash per share.

Jan. 3 Issued 100,000 shares of common stock in exchange for a building valued at $820,000 and merchandise inventory valued at $380,000.

Jan. 4 Paid $10,000 cash to the company’s founders for organization activities.

Jan. 5 Issued 12,000 shares of preferred stock for $110 cash per share.

2011

June 4 Issued 100,000 shares of common stock for $15 cash per share.

Required

1. Prepare journal entries to record these transactions.

2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2010, and December 31, 2011, based on these transactions.

3. Prepare a table showing dividend allocations and dividends per share for 2010 and 2011 assuming Barton declares the following cash dividends: 2010, $50,000, and 2011, $300,000.

4. Prepare the January 2, 2010, journal entry for Barton’s issuance of 200,000 shares of common stock for $12 cash per share assuming

a. Common stock is no-par stock without a stated value.

b. Common stock is no-par stock with a stated value of $10 per share.

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