The balance in retained earnings on January 1, 2017, for Palmer Inc. was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had understated its insurance expense in prior years by $50,000. Net income for 2017 was $120,000. Prepare the retained earnings statement for 2017.
Answer to relevant QuestionsM. Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2017. No dividends were declared in 2015 or 2016. If M. Bot wants to pay $375,000 of dividends in 2017, what ...During 2017, Roblez Corporation had the following transactions and events.1. Declared a cash dividend.2. Issued par value common stock for cash at par value.3. Completed a 2-for-1 stock split in which $10 par value stock was ...On January 1, 2017, Geffrey Corporation had the following stockholders’ equity accounts.Common Stock ($20 par value, 60,000 shares issued and outstanding).. $1,200,000Paid-in Capital in Excess of Par—Common Stock ...On January 1, 2017, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1.InstructionsPrepare journal entries to record the following.(a) The issuance of the ...LRNA Company issued $380,000, 7%, 10-year bonds on January 1, 2017, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. LRNA uses the ...
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