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 shores authorized 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earning Total stockholders' equity $ 600,000 90,000 500,000 $1,190,000 Jan. 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. 5 Directors declared a $2 per share con dividend payable on February 28 to the February 5 stockholders of record. Feb. 20 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 a $2 per share canh dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Daid the dividend declared on September 5. Dec. 31 closed the $128.500 credit balance (trom net income) in the income Summary account to Retained Earningu. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE 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 Amold Corporation for the year ended December 31. Check record Teb. 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 3,100 of its treasury shares at $20 cash per share. Sept. 5 Direct declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Det 20 Paid the dividend declared on September 5. Dee 31 Clowed the $128,500 credit balance (from net income) in the Income Summary account to Retained Earnings General Requirement General Statement of Stockholders Journal Impact on Trial Balance Ledger RE Equity Equity General Journal tab - Prepare the necessary journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Amold Corporation for the year ended December 31 Stockholders' Equity tab - Prepare the Stockholders' equity section of Arnold 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. Hequitemen General Journal > Requirement General Tournal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary fourn journal entry is required, select "No journal entry required in the first input box. View transaction list Journal entry worksheet 1 2. 3 3 4 5 6 7 8 Purchased 6,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Dato Account Title Debit Credit Jan 02 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: Jan 01 to: Dec 31 General Ledger Account Cash Accounts receivable Debit Credit No. Debit Credit No. Date Jan 01 Balance 445,000 Date Jan 01 Balance 187,000 Equipment Debit No. Credit Balance No. Date Jan 01 Accumulated depreciation - Equipment Date Debit Credit Jan 01 Balance 68,500 755,000 Common stock Paid in capital, Common Debit Credit No. Debit Credit Balance No. Date Jan 01 Date Jan 01 Balance 90,000 600,000 Retained earnings Debit Credit Income summary Debit Credit No. No. Date Jan 01 Balance 500,000 Date Jan 01 Balance (128,500) General Journal Trial Balance > Dates: Jan 01 to: Dec 31 ARNOLD CORPORATION Trial Balance December 31, 2019 Account Title Debit Credit $ 445,000 187,000 755,000 Cash Accounts receivable Equipment Accumulated depreciation - Equipment Common stock Pald-in capital, Common Retained earings Income summary Total 68,500 600,000 90,000 500,000 128,500 1,387 000 $ 1,387,000 $ General Ledger Statement of RE> General General Requirement Statement of Stockholders Journal Trial Balance Impact on Ledger RE Equity Equity Statement of RE Prepare the Statement of Retained Earnings for Arnold Corporation for the year ended December 31. ARNOLD CORPORATION Statement of Retained Earnings For Year Ended December 31 Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the stockholders' equity section of Arnold Corporation's balance sheet as of December 31. Dates: Jan 01 to: D ARNOLD CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity Requirement General Journal General Ledger Trial Balance Statement or RE Stockholders 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: 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. 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 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 Sep. 5) Directors declared a $2 por 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 $128,500 credit balance (from net income) in the Income Summary account to 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 shores authorized 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earning Total stockholders' equity $ 600,000 90,000 500,000 $1,190,000 Jan. 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. 5 Directors declared a $2 per share con dividend payable on February 28 to the February 5 stockholders of record. Feb. 20 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 a $2 per share canh dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Daid the dividend declared on September 5. Dec. 31 closed the $128.500 credit balance (trom net income) in the income Summary account to Retained Earningu. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE 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 Amold Corporation for the year ended December 31. Check record Teb. 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 3,100 of its treasury shares at $20 cash per share. Sept. 5 Direct declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Det 20 Paid the dividend declared on September 5. Dee 31 Clowed the $128,500 credit balance (from net income) in the Income Summary account to Retained Earnings General Requirement General Statement of Stockholders Journal Impact on Trial Balance Ledger RE Equity Equity General Journal tab - Prepare the necessary journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Amold Corporation for the year ended December 31 Stockholders' Equity tab - Prepare the Stockholders' equity section of Arnold 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. Hequitemen General Journal > Requirement General Tournal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary fourn journal entry is required, select "No journal entry required in the first input box. View transaction list Journal entry worksheet 1 2. 3 3 4 5 6 7 8 Purchased 6,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Dato Account Title Debit Credit Jan 02 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: Jan 01 to: Dec 31 General Ledger Account Cash Accounts receivable Debit Credit No. Debit Credit No. Date Jan 01 Balance 445,000 Date Jan 01 Balance 187,000 Equipment Debit No. Credit Balance No. Date Jan 01 Accumulated depreciation - Equipment Date Debit Credit Jan 01 Balance 68,500 755,000 Common stock Paid in capital, Common Debit Credit No. Debit Credit Balance No. Date Jan 01 Date Jan 01 Balance 90,000 600,000 Retained earnings Debit Credit Income summary Debit Credit No. No. Date Jan 01 Balance 500,000 Date Jan 01 Balance (128,500) General Journal Trial Balance > Dates: Jan 01 to: Dec 31 ARNOLD CORPORATION Trial Balance December 31, 2019 Account Title Debit Credit $ 445,000 187,000 755,000 Cash Accounts receivable Equipment Accumulated depreciation - Equipment Common stock Pald-in capital, Common Retained earings Income summary Total 68,500 600,000 90,000 500,000 128,500 1,387 000 $ 1,387,000 $ General Ledger Statement of RE> General General Requirement Statement of Stockholders Journal Trial Balance Impact on Ledger RE Equity Equity Statement of RE Prepare the Statement of Retained Earnings for Arnold Corporation for the year ended December 31. ARNOLD CORPORATION Statement of Retained Earnings For Year Ended December 31 Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the stockholders' equity section of Arnold Corporation's balance sheet as of December 31. Dates: Jan 01 to: D ARNOLD CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity Requirement General Journal General Ledger Trial Balance Statement or RE Stockholders 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: 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. 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 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 Sep. 5) Directors declared a $2 por 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 $128,500 credit balance (from net income) in the Income Summary account to Retained Earnings