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

GL1101 -Based on Problem 11-2A LO C3, P2, P3 Streamline Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 120,000 shares authorized, $500,00e0 75,000 410,000 $985,0060 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts Jan 1 Purchased 5,000 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 1,900 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $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 $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Trial Balance Equity RE General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Trial Balance Equity RE In year 2017, the following transactions affected its stockholders equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box View transaction list Journal entry worksheet 2 4 8 Sold 3,100 of its treasury shares at $20 cash per share Note: Enter debits before credits. Date Account Title Debit Credit Aug 22 Cash 62,000 aid-in capital, Treasury stock reasury stock, Common Record entry Clear entry View general journal In year 2017, the following transactions affected its stockholders' equity accounts Jan 1 Purchased 5,000 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 Duly 6 Sold 1,900 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $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 $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Trial Balance Equity RE Prepare the Statement of Retained Earnings for Streamline Corporation for the year ended December 31, 2017 STREAMLINE CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 General Journal General Ledger Trial Balance Statement of Stockholders Impact on Equity Requirement Equity RE Prepare the stockholders' equity section of Streamline Corporation's balance sheet as of December 31, 2017 Dates: Jan 01 to Dec 31 STREAMLINE CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity General Journal General Ledger Statement of RE StockholdersImpact on Requirement Trial Balance Equity 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, 2017, as calculated, agrees with the amount reported on the balance sheet Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 5,000 shares of its own stock at $23 cash per share Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record Feb. 28) Paid the dividend declared on January 5 Jul. 6) Sold 1,900 of its treasury shares at $27 cash per share Aug. 22) Sold 3,100 of its treasury shares at $20 cash per share Sep. 5) Directors declared a $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 $206,500 credit balance (from net income) in the Income Summary account to Retained Earnings