Common Stock, $8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand Paid-In Capital in Excess of Par.. Total Contributed Capital Retained Earnings Total Stockholder's Equity. 240,000 160,000 400,000 300,000 700,000 10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 1-Sep Corporation declared a 30% stock dividend distributable on October 1st to the September 15th stockholders of record. Market value of the stock was $11/share. 1-Oct issued the stock dividend declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000.
Common Stock, $8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand Paid-In Capital in Excess of Par.. Total Contributed Capital Retained Earnings Total Stockholder's Equity. 240,000 160,000 400,000 300,000 700,000 10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 1-Sep Corporation declared a 30% stock dividend distributable on October 1st to the September 15th stockholders of record. Market value of the stock was $11/share. 1-Oct issued the stock dividend declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 9SPA
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