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stock dividend (24,900 shares) common shares retired (110, eee shares) common stock cash dividends Balance at end of year common stock, 1,855,eee shares at $1 par Paid-in capital-excess of par At December 31, 2023, common shares consisted of the following: No 1 3 4 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. 6 6 7 B 9 L Date 2024 2025 2025 2025 2026 2026 2026 2026 Retained earnings Income summary Income summary Retained earnings Retained earnings Common stock Paid in capital - excess of par Retained earnings Cash Cash dividends payable Cash dividends payable Cash Income summary Retained earnings Retained earnings Common stock Retained earnings Cash dividends payable 242,000 General Journal Cash dividends payable Cash 889.950 $8.971.047 $ 1,855,000 7,420,000 Answer is not complete. 212,660 698,000 $6,794,292 S 00 G ( V uff (W) (W (3) S S 00 30 Debit 160.500 2,240,900 110,000 698,000 G 889,950 S $5,454,952 S Credit 160,500 2,240,900 698,000 889,950

stock dividend (24,900 shares) common shares retired (110, eee shares) common stock cash dividends Balance at end of year common stock, 1,855,eee shares at $1 par Paid-in capital-excess of par At December 31, 2023, common shares consisted of the following: No 1 3 4 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. 6 6 7 B 9 L Date 2024 2025 2025 2025 2026 2026 2026 2026 Retained earnings Income summary Income summary Retained earnings Retained earnings Common stock Paid in capital - excess of par Retained earnings Cash Cash dividends payable Cash dividends payable Cash Income summary Retained earnings Retained earnings Common stock Retained earnings Cash dividends payable 242,000 General Journal Cash dividends payable Cash 889.950 $8.971.047 $ 1,855,000 7,420,000 Answer is not complete. 212,660 698,000 $6,794,292 S 00 G ( V uff (W) (W (3) S S 00 30 Debit 160.500 2,240,900 110,000 698,000 G 889,950 S $5,454,952 S Credit 160,500 2,240,900 698,000 889,950

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
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 19P: Anoka Company reported the following selected items in the shareholders equity section of its...
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Balance at beginning of year Net income (les) Deductions: stock dividend (24,900 shares) common shares retired (110,eee shares) common stock cash dividends Balance at end of year A: December 31, 2023, common shares consisted of the following: common stock, 1,855,000 shares at $1 par Paid-in capital-excess of par NO 1 4 6 6 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. 7 B 9 4 Date 2025 2025 2026 RENN DEVER CORPORATION statements of Retained Earnings For the Years Ended December 31 2026 $6.794,297 3,308,700 242,000 889.950 $8.971.042 2026 2026 2026 Retained earnings Income summary Income summary Retained earnings Retained earnings Common stock Paid in capital -excess of par Retained earnings Cash Cash dividends payable Cash dividends payable Cash Income summary Retained earnings Retained earnings Common stock Retained earnings Cash dividends payable General Journal Cash dividends payable Cash Answer is not complete. az 11.464,952 2,240,900 212,660 698,000 $6,794,292 $ 1,855,000 7,420,000 33 C 3444 M M C Debit 160.500 2,240,900 110.000 698.000 2024 19,624,952 (160,599) 889,950 $5,464,952 Credit 160,500 2,240,900 698,000 889,950
Transcribed Image Text:Balance at beginning of year Net income (les) Deductions: stock dividend (24,900 shares) common shares retired (110,eee shares) common stock cash dividends Balance at end of year A: December 31, 2023, common shares consisted of the following: common stock, 1,855,000 shares at $1 par Paid-in capital-excess of par NO 1 4 6 6 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2024 2025 2026. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an ac titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. 7 B 9 4 Date 2025 2025 2026 RENN DEVER CORPORATION statements of Retained Earnings For the Years Ended December 31 2026 $6.794,297 3,308,700 242,000 889.950 $8.971.042 2026 2026 2026 Retained earnings Income summary Income summary Retained earnings Retained earnings Common stock Paid in capital -excess of par Retained earnings Cash Cash dividends payable Cash dividends payable Cash Income summary Retained earnings Retained earnings Common stock Retained earnings Cash dividends payable General Journal Cash dividends payable Cash Answer is not complete. az 11.464,952 2,240,900 212,660 698,000 $6,794,292 $ 1,855,000 7,420,000 33 C 3444 M M C Debit 160.500 2,240,900 110.000 698.000 2024 19,624,952 (160,599) 889,950 $5,464,952 Credit 160,500 2,240,900 698,000 889,950
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