Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock-$20 par value,
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Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:
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Common stock-$20 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,000,000 70,000 460,000 $1,530,000 In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $17 cash per share. Aug. 22 Sept. 5 Oct. 28 Dec. 31 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Common stock-$20 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,000,000 70,000 460,000 $1,530,000 In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $17 cash per share. Aug. 22 Sept. 5 Oct. 28 Dec. 31 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
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Journal Entries for 2016 Jan 01 Treasury Stock Common 80000 Cash 80000 To record purchase of 4000 sh... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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