GL1301 (Algo) - Based on Problem 13-2A LO C3, P2, P3 Twinings Corporation reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 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. 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 $365,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger 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 February 28 to the February 5 stockholders of record. Trial Balance February 28) Paid the dividend declared on January 5, 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. Statement f Stockholders RE Statement of RE 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 Impact on equity Impact on Equity $ 500,000 75,000 410,000 $ 985,000 Dates: January 01 $ to: January 01

During the yeat, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5 , eve shares of 4 ts onn stock at $23 cash per share. January $ Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 . Pald the dividend declared on January 5. July 6 sold 2 , see of its treasury shares at $27 cash per shore. hugust 22 Sold 2 , soo of its treasury shares at $19 cash per share. Septenber 5 olrectors declared a 52 per share cash dividend payable on october 28 to the September 25 stockholders of record. October 28 Poid the dividend declared on Septeaber 5. December 31 closed the $365, 000 credit balance (from net incone) in the Incone sumary account to Retained Earnings. For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockhoiders' equity as of December 31, as caiculated, agrees with the amount reported on the \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ TWININGS CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Stockholders' Equity Section of the Balance Sheet } \\ \hline \\ December 31 \\ \hline \\ \hline Total contributed capital & \\ \hline & \\ \hline Total stockholders' equity & \\ \hline \end{tabular}