On January 1, 2022, Ivanhoe Corporation had the following stockholders’ equity accounts.Common Stock (no par value, 87,000 shares issued and outstanding) $1,355,000Retained Earnings 494,000During 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 3-for-1 stock split. Prior to the split, the market price per share was $35.July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $12 per share.31 Issued the shares for the stock dividend.Dec. 1 Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023.31 Determined that net income for the year was $378,000. Prepare the stockholders' equity section of the balance sheet at March 31, June 30, September 30, and December 31.

A shareholder, also referred to as a stockholder. He is a person or company, that owns at least one…

Answered: On January 1, 2022, Ivanhoe Corporation…

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 9P

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Question

On January 1, 2022, Ivanhoe Corporation had the following stockholders’ equity accounts.

Common Stock (no par value, 87,000 shares issued and outstanding)		$1,355,000
Retained Earnings		494,000

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 3-for-1 stock split. Prior to the split, the market price per share was $35.
July 1		Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $12 per share.
31		Issued the shares for the stock dividend.
Dec. 1		Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31		Determined that net income for the year was $378,000.