please help with accounting homework 495331

125000 210000 134000 240000 5000 90000 70000 430000 2000 11000 834000 Summerborn Manufacturing, Co., completed the following transactions during 2012: Jan 16 Declared a cash dividend on the 5%, $100 per preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15. Feb 15 Paid the cash dividends. Jun 10 Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding. Jul 30 Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share. Oct 26 Purchased 1,000 shares of treasury stock at $13 per share. Nov 8 Sold 500 shares of treasury stock for $15 per share. Nov 30 Sold 300 shares of treasury stock for $8 per share. The capital structure of Blacksmith, Inc., at December 31, 2011, included 18,000 shares of $1 preferred stock and 38,000 shares of common stock. Common stock outstanding during 2012 totaled 38,000 shares. Income from continuing operations during 2012 was $108,000. The company discontinued a segment of the business at a gain of $26,000 and also had an extraordinary gain of $12,000. The Blacksmith board of directors restricts $99,000 of retained earnings for contingencies. Retained earnings at December 31, 2011, were $99,000, and the company declared preferred dividends of $18,000 during 2012. 1. Record the transactions in Summerborn’s general journal. 1. Compute Blacksmith’s earnings per share for 2012. Start with income from continuing operations. All income and loss amounts are net of income tax. 2. Show two ways of reporting Blacksmith’s retained earnings restriction. The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012: Selling expenses General expenses Income from discontinued operations Retained earnings, beginning Cost of goods sold Net sales…