ALT-STOCK-DIVIDEND TOTAL SCORE: 0/14 There are 5 problems in this set. Choose a number between 1 and 5: 1 DEBIT CREDIT GRADE 0 0 Date Transaction 1/1/17 Reeves Corporation issued 100,000 shares of $1.00 par common stock at a price of $1.00 per share. LINE DATE GENERAL JOURNAL 1 1/1/17 2 3 4 12/31/17 5 0 0 0 12/31/17 Reeves earned revenue on account this year of $80,000 12/31/17 0 0 0 12/31/17 Reeves incurred expenses on account this year of $50,000. 6 7 8 9 2 10 * 11 12 24 13 13 14 12/31/17 0 0 0 CLOSING THE ACCOUNTS 12/31/17 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. 15 1 16 17 18 Right now, your stockholders' equity looks like this: COMMON STOCK PAID-IN CAPITAL IN EXCESS OF PAR TOTAL PAID IN CAPITAL RETAINED EARNINGS TOTAL STOCKHOLDERS' EQUITY ' 100,000 0 100,000 30,000 130,000 19 20 12/31/17 0 0 12/31/17 Reeves declared a 10.00% stock dividend when the market price of the stock was $1.50 per share. . Debit RE for shares * $1.50, credit CS for par,credit PICIE for remainder. 0 1/15/18 -- 21 22 23 24 25 26 27 27 28 29 30 31 32 0 0 0 1/15/18 The shares were distributed and stockholders' equity looks like: COMMON STOCK 110,000 PAID-IN CAPITAL IN EXCESS OF PAR 5,000 TOTAL PAID IN CAPITAL 115,000 RETAINED EARNINGS 15,000 TOTAL STOCKHOLDERS' EQUITY 130,000 DEBIT TRIAL BALANCE CASH CREDIT DEBIT CREDIT TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 0 0 IN BALANCE