The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 47,300 shares authorized; 24,480 and 21,900 shares issued and outstanding, respectively. Retained earnings Required: 1. How many shares were outstanding on each of the cash dividend dates? The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,500 common shares were repurchased and retired at $20.30 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $38.00 per share. Outstanding shares Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. Jan. 5 Apr. 5 2021 July 5 2020 Oct. 5 $569,160 $444,570 569,100 594,900
The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 47,300 shares authorized; 24,480 and 21,900 shares issued and outstanding, respectively. Retained earnings Required: 1. How many shares were outstanding on each of the cash dividend dates? The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,500 common shares were repurchased and retired at $20.30 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $38.00 per share. Outstanding shares Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. Jan. 5 Apr. 5 2021 July 5 2020 Oct. 5 $569,160 $444,570 569,100 594,900
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
Related questions
Question
Shj.4
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning