The stockholders' equity accounts of Raymund Corporation as of January 1 appear below: During the year, the
Question:
The stockholders' equity accounts of Raymund Corporation as of January 1 appear below:
During the year, the following transactions occurred:
June 7 Declared a 20 percent stock dividend; market value of the common stock was \(\$ 15\) per share. 28 Issued the stock dividend declared on June 7.
Dec. 5 Declared a cash dividend of \(\$ 2.00\) per share.
26 Paid the cash dividend declared on December 5.
Required
a. Prepare journal entries to record the foregoing transactions.
b. Prepare a statement of retained earnings. The net income for the year is \(\$ 435,000\).
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