GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3

GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Porter Company reports the following components of stockholders' equity on January 1. $ 400,000 Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock 60,000 330,000 Retained earnings Total stockholders' equity $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders Impact on Equity RE Equity Prepare the Statement of Retained Earnings for Porter Corporation for the year ended December 31. PORTER CORPORATION Statement of Retained Earnings For Year Ended December 31 0 $ GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Porter Company reports the following components of stockholders' equity on January 1. $ 400,000 Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock 60,000 330,000 Retained earnings Total stockholders' equity $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity General Journal Prepare the stockholders' equity section of Porter Corporation's balance sheet as of December 31. Dates: January 01 to: January 01 PORTER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 $ GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Porter Company reports the following components of stockholders' equity on January 1. $400,000 Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock 60,000 330,000 Retained earnings Total stockholders' equity $ 790,000 k During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings. ces Requirement General Journal General Ledger Trial Balance Stockholders Statement of RE Equity Impact on Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: January 01 to: January 01 Impact on equity Total Stockholders' Equity - January 1 January 2) Purchased 4,000 shares of its own stock at $23 cash per share. January 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. February 28) Paid the dividend declared on January 5. July 6) Sold 2,000 of its treasury shares at $27 cash per share. August 22) Sold 2,000 of its treasury shares at $19 cash per share. September 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28) Paid the dividend declared on September 5. December 31) Closed the $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings