please dont provide answer in image format thank you RECORD TRANSACTION ENTRIES AND CREATE 2 CLOSING ENTRIES AT THE END TO CLOSE DIVIDENDS AND NET INCOME On January 1, 2021, Ridgewood Corporation, a publicly traded company, had the following shareholders' equity accounts:Common shares (unlimited number of shares authorized, 49,500 shares issued)Retained earningsAccumulated other comprehensive incomeDuring the year, the following transactions occurred:Oct. 1Dec.$1,980,000Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15.Apr. 161,278,00031 Determined that net income for the year was $565,200.61,200Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, andMay 15, the share prices were $12, $11.80, and $11.90, respectively.Effected a 2-for-1 stock split. On October 1, the share price was $15.

Journal Entries - Journal Entries are the record of the transactions entered into by the company.…

On January 1, 2021, Ridgewood Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 49,500 shares issued) Retained earnings Accumulated other comprehensive income During the year, the following transactions occurred: $1,980,000 1,278,000 Oct. 1 Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $565,200. 61,200 Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Apr. 16 Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively.

On January 1, 2021, Ridgewood Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 49,500 shares issued) Retained earnings Accumulated other comprehensive income During the year, the following transactions occurred: $1,980,000 1,278,000 Oct. 1 Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $565,200. 61,200 Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Apr. 16 Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively.

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 9SPB: CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio...

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Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
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