Jan Jan 2 Purchased 4,000 shares of its own stock at $20 cash per share. Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record Paid the dividend declared on January 5 Sold 1,500 of its treasury shares at $24 cash per share Sold 2,500 of its treasury shares at $17 cash per share 5 Feb. 28 July 6 Aug. 22 Sep. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Paid the dividend declared on September 5 Closed the $388,000 credit balance (from net income) in the Income Summary account to Re- tained Earnings. Oct. 28 Dec. 31 Required 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained earnings for the year ended December 31, 2019 Check (2) Ending retained earnings, $504,500 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Page 493

Q: Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts…

A: Journal entries T - accounts Balance sheet showing stockholders’ equity section.

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A: The dividend is paid to the stockholders as the return on the investment. It is paid out of the…

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Date Accounts Debit Credit July 1 Dividends (1,000-200) * $3 2,400       Dividends Payable…

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A: The common shares of a company that are owned by its shareholders, who include retail investors,…

Q: The Watermelon Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: 1. Stock Dividend: In this Dividend company issue additional shares to the existing shareholders…

Q: On June 1 a new company issued 100,000 shares of $1 par value common stock for cash at $5 per share.…

A: The dividend is to be paid on the shares outstanding. Shares outstanding = Shares issued - Shares…

Q: a. Purchased 5,400 shares of its own common stock at $29 per share on October 11. . Sold 1,100…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: Greenwood Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash…

A: Cash dividends are cash distributions of accumulated earnings by a corporation to its stockholders.…

Q: On June 1, a board of directors declared a $3 per share cash dividend, payable on June 30 to all…

A: Total amount of dividend = No. of shares issued and outstanding x dividend per sahre = (1000 shares…

Q: Read & Learn Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: Number of Preferred Stock outstanding on 15th December = 1,000,000 shares Therefore, Number of…

Q: Prepare entries to record the following selected transactions completed during the current fiscal…

A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…

Q: The company entered into the following transactions during the year. Jan.   15   Issued 5,000…

A: Journal entry: It is also called as book of original entry. It is used to record a financial…

Q: Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000…

A: Retained earnings = Net Income - Dividend paid = $60,000 - $30,000 = $30,000

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A: Any cash received in excess of par value of the share goes to Paid-in capital - excess of par.

Q: Leone Co. had the following transactions during the current period. – Mar. 2 Issued 5,000 shares of…

A:

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

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A: Treasury Stock refers to the company’s own outstanding stock bought back from stockholders. These…

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A: Treasury stock means when company purchases its own shares from its open market.

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A: Definition:   Dividends: This is the amount of cash distributed to stockholders by a company out its…

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Q: Prepare the entries to record these transactions.(

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A:

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.