The equity section from the December $31,2023$ balance sheet of Kentucky Corporation appeared as follows:

$20242023$

Contributed capital:

Common shares, $47,300$ shares authorized; $24,480$ and $21,900$ shares issued and outstanding, respectively. $ $569,160$ $ $444,570$

Retained earnings $569,100594,900$

The following transactions occurred during $2024($assume the retirements were the first ever recorded by Kentucky$)$:

Jan. $5$ A $$1\mathrm{.}40$ per share cash dividend was declared, and the date of record was five days later.

Mar. $201,500$ common shares were repurchased and retired at $$20\mathrm{.}30$ per share.

Apr. $5$ A $$1\mathrm{.}00$ per share cash dividend was declared, and the date of record was five days later.

July $5$ A $$2\mathrm{.}40$ per share cash dividend was declared, and the date of record was five days later.

July $31$ A $20\mathrm{.}00\%$ share dividend was declared when the market value was $$38\mathrm{.}00$ per share.

Aug. $14$ The share dividend was issued.

Oct. $5$ A $$1\mathrm{.}90$ per share cash dividend was declared, and the date of record was five days later.

Required:

$1.$ How many shares were outstanding on each of the cash dividend dates?

$2.$ How much profit did the company earn during $2024?$

$3.$ Prepare the statement of changes in equity for the year ended December $31,2024.($Deductible values should be indicated by a minus sign.$)$

Answer rating: 100% (QA)

1 On Jan 5 before the ... View the full answer