GL 1101 - Based on Problem 11-2A LO C3, P2, P3 Dade Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 90,000 500,000 $1,190,000 During the year, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 6,000 shares of its own stock at $23 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,300 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,700 of its treasury shares at $20 cash per share. Sept. 5 Directors declared $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $233,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity General Journal tab - Prepare the necessary Journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Dade Corporation for the year ended December 31. Stockholders' Equity tab - Prepare the Stockholders' equity section of Dade Corporation's December 31 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. View transaction list Journal entry worksheet Purchased 6,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Account Title Date Jan 02 Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Note: Enter debits before credits. Account Title Debit Date Jan 05 Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 > Paid the dividend declared on January 5. Note: Enter debits before credits. Account Title Date Feb 28 Debit Credit Record entry Clear entry View general journal Journal entry worksheet Sold 2,300 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Jul 06 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet w Journal entry worksheet Paid the dividend declared on September 5. Note: Enter debits before credits. Date Account Title Debit Credit Oct 28 Record entry Clear entry View general journal Journal entry worksheet Closed the $233,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal