Use the following to answer questions 36-41:At the end of last year, Tull Co. submitted paperwork to switch from a sole proprietor ship to a corporation. Just prior to year end, the company received final authorization from the state of Idaho to incorporate. In the articles of incorporation, Tull, Inc. is authorized to issues 1,000,000 shares of $2 par common stock. On December 31st, Mrs. Tull received 250,000 shares of common stock in exchange for her equity in the sole proprietorship.36. (3 points) Make the journal entry to record Tull’s first equity offering on January 15th of the current year. The company issued 150,000 shares at par value. (LE 19)37. (5 points) Make the journal entry to record an additional equity offering on June 1st. The company issued 60,000 shares for $8 per share. (LE 19)38. (3 points) On August 15th, Tull decided to repurchase 15,000 shares of common stock in order to improve stock price. Make the appropriate journal entry to record the repurchase if the market price for Tull common stock on that day was $6 per share. (LE 21)39. (6 points) On November 11th, Tull’s management decided that the stock price had increased sufficiently for them to reissue 7,500 shares of their treasury stock. Make the entry to record the reissue of these shares if the stock price was $17 per share. (LE 21)?40. (12 points) At the end of December, Mrs. Tull decided that she needed $115,000. Assuming that Mrs. Tull has not sold or purchased any stock since she was issued her original shares last year, how much of a dividend does Tull Inc. need to declare and pay in order to give her the funds she needs? (LE 25)41. (6 points) At the end of the year, Tull Inc. reports NI of $800,000. Assuming that the transactions reported above represent all of Tull’s stock transactions during the year, what will the company report as their weighted average EPS? (LE 25)
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