On January 1, 2020, Ivanhoe Corporation had the following stockholders’ equity accounts.Common Stock ($24 par value, 61,000 shares issued and outstanding) $1,464,000Paid-in Capital in Excess of Par—Common Stock 191,000Retained Earnings 619,000During the year, the following transactions occurred.Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.Mar. 1 Paid the dividend declared in February.Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40.July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share.31 Issued the shares for the stock dividend.Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021.31 Determined that net income for the year was $365,5001. journalize the transactions and the closing entries for net income and dividends2.Enter the beginning balances, and post the entries to the stockholders’ equity accounts.

Answered: On January 1, 2020, Ivanhoe Corporation…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

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On January 1, 2020, Ivanhoe Corporation had the following stockholders’ equity accounts.

Common Stock ($24 par value, 61,000 shares issued and outstanding)		$1,464,000
Paid-in Capital in Excess of Par—Common Stock		191,000
Retained Earnings		619,000

During the year, the following transactions occurred.

Feb. 1		Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1		Paid the dividend declared in February.
Apr. 1		Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40.
July 1		Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share.
31		Issued the shares for the stock dividend.
Dec. 1		Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021.
31		Determined that net income for the year was $365,500

1. journalize the transactions and the closing entries for net income and dividends

2.Enter the beginning balances, and post the entries to the stockholders’ equity accounts.

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