Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,200,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 370,000 Total stockholders' equity $1,630,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $15 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $19 cash per share. August 22 Sold 2, 500 of its treasury shares at $11 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $428, 000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: Prepare journal entries to record each of these transactions. Prepare a statement of retained earnings for the current year ended December 31. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year.

Journalize the following selected transactions completed during the current fiscal year: Date Transaction February 1 The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. February 11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock. May 15 Paid the dividend declared on May 1. October 19 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55). November 12 Issued the certificates for the common stock dividend declared on October 19.   If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

At the end of its first year of operation, meltlock corporation has $1,200,000 of common stock and net income of $ 243,000 Prepare the stockholders' equity section at year-end. METLOCK CORPORATION Balance Sheet (Partial) December 31 Stockholders' Equity Paid-In Capital Retained Earnings Common Stock Total Stockholders' Equity $ 243,000 $

The equity sections for Atticus Group at the beginning of the year (January 1) Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 August 14 Declared a 20% stock dividend when…

Shareholders' Equity Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained earnings, $110,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Other Comprehensive Income, $26,000. Prepare the shareholders' equity section of Tinman's year-end balance sheet. Tinman Corporation Partial Balance Sheet December 31 Shareholders' Equity Contributed Capital: Total contributed capital Total Shareholders' Equity

The stockholders’ equity accounts of Rayburn Corporation as of January 1 appear below: Common stock, $7 par value, 400,000 shares authorized;   180,000 shares issued and outstanding $1,260,000 Paid-in capital in excess of par value 920,000 Retained earnings 513,000   During the year, the following transactions occurred: June 7 Declared a 10 percent stock dividend; market value of the common stock was $13 per share. June 28 Issued the stock dividend declared on June 7. Dec. 5 Declared a cash dividend of $1.45 per share. Dec. 26 Paid the cash dividend declared on December 5.   Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Debit Credit Jun.07 Answer Answer Answer   Stock Dividends Distributable Answer Answer   Answer Answer Answer   Declared stock dividend.     Jun.28 Answer Answer Answer   Common Stock Answer Answer   Issued common shares as stock dividend.     Dec.05 Answer…

Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year. Common stock—$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,500,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 460,000 Total stockholders' equity $ 2,040,000 During the current year, the following transactions affected its stockholders’ equity accounts. January 2 Purchased 6,000 shares of its own stock at $15 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $19 cash per share. August 22 Sold 3,000 of its treasury shares at $11 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend…

The stockholders' equity section of Cullumber Company's balance sheet at December 31 is presented here. Cullumber Company Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,000 shares issued and outstanding $320,000 Common stock, no par, 700,000 shares authorized, 500,000 shares issued 2,500,000 Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity 2,820,000 1,858,000 4,678,000 31,200 $4,646,800 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? $ per share (c) What is the par value of the preferred stock? 6A $ per share (d) If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? % (e) If dividends of…

On October 10, the stockholders’ equity section of Sherman Systems appears as follows. Common stock–$10 par value, 86,000 shares authorized, issued, and outstanding $ 860,000 Paid-in capital in excess of par value, common stock 286,000 Retained earnings 976,000 Total stockholders’ equity $ 2,122,000 Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,400 shares of its own common stock at $39 per share on October 11. Sold 1,350 treasury shares on November 1 for $45.

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