GL1101 (Algo). Based on Problem 11-2A LO C3, P2, P3 Myconos Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts $ 500,00 75.000 410,000 $985,000 January 2 Purchased 5,000 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 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 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 $238,000 credit balance (from net income in the Income Summary account to Retained Earnings. General Requirement General Journal Impact on Ledger Trial Balance Statement of Stockholders RE Equity Equity General Journal tab - Journalize the transactions related to the notes and accounts payable of Myconos Corporation. The General Ledger, Trial Balance and schedule of Payables will be updated based on your entries. Prey 1 of 1 Next View transaction list Journal entry worksheet Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Note: Enter debits before credits. Date Account Title Debit Credit January 05 Record entry Clear entry View general Journal Prey. 1 of 1 Next View transaction list Journal entry worksheet 1 2 3 4 5 67 8 h. Paid the dividend declared on January 5. Note: Enter debits before credits. Date Account Title Debit Credit February 28 Record entry Clear entry View general journal Prey 1 of 1 Next View transaction list Journal entry worksheet 2 3 5 6 7 8 Sold 2,500 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit July 06 Record entry Clear entry View general journal Prex 1 of 1 Next View transaction list Journal entry worksheet Sold 2,500 of its treasury shares at $19 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit August 22 Record entry Clear entry View general Journal Prey 1 of 1 BE Nex View transaction list Journal entry worksheet Prey 1 of 1 !!! Next August 22 Sold 2,500 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 October 28 Paid the dividend declared on September 5. December 31 Closed the $238,000 credit balance (from net income) in the Income Summary account to Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the stockholders' equity section of Myconos Corporation's balance sheet as of December 31. Dates: January 01 t MYCONOS CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity Prey 1 of 1 !!! Next 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 5,000 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 2,500 of its treasury shares at $27 cash per share August 22) Sold 2.500 of its treasury shares at 519 cash per share September 5) Directors declared a 52 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 $238 000 credit balance (from not income) in the Income Summary account to Retained Earnings 1 of 1 !!! Next