GL1101 - Based on Problem 11-2A LO C3, P2, P3 Arnold Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 140,000 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. Jan. Feb. July Aug. Sept. 2 Purchased 6,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 2,300 of its treasury shares at $27 cash per share. 22 Sold 3,700 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $128,500 credit balance (from net income) in the Income Sur ary account to Retained Earnings. Oct. Dec. Journal entry worksheet Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - January 1 Jan. 2) Purchased 6,000 shares of its own stock at $23 cash per share. Stockholders' equity decreased Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 Stockholders' equity decreased stockholders of record. Feb. 28) Paid the dividend declared on January 5. No change in total equity Jul. 6) Sold 2,300 of its treasury shares at $27 cash per share. Stockholders' equity increased Aug. 22) Sold 3,700 of its treasury shares at $20 cash per share. Stockholders' equity increased Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September Stockholders' equity decreased 25 stockholders of record. Oct. 28) Paid the dividend declared on September 5. No change in total equity Dec. 31) Closed the $128,500 credit balance (from net income) in the Income Summary account to Stockholders' equity increased Retained Earnings. GL1101 - Based on Problem 11-2A LO C3, P2, P3 Arnold Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 140,000 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. Jan. Feb. July Aug. Sept. 2 Purchased 6,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 2,300 of its treasury shares at $27 cash per share. 22 Sold 3,700 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $128,500 credit balance (from net income) in the Income Sur ary account to Retained Earnings. Oct. Dec. Journal entry worksheet Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - January 1 Jan. 2) Purchased 6,000 shares of its own stock at $23 cash per share. Stockholders' equity decreased Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 Stockholders' equity decreased stockholders of record. Feb. 28) Paid the dividend declared on January 5. No change in total equity Jul. 6) Sold 2,300 of its treasury shares at $27 cash per share. Stockholders' equity increased Aug. 22) Sold 3,700 of its treasury shares at $20 cash per share. Stockholders' equity increased Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September Stockholders' equity decreased 25 stockholders of record. Oct. 28) Paid the dividend declared on September 5. No change in total equity Dec. 31) Closed the $128,500 credit balance (from net income) in the Income Summary account to Stockholders' equity increased Retained Earnings