Journalize and prepare a new stockholder's equity section dated 12/31/22. Common Stock, S8 Par, 100,000 shrs authorized,

Journalize and prepare a new stockholder's equity section dated 12/31/22.

  

Transcribed Image Text:

Common Stock, S8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand Paid-In Capital in Excess of Par.. Total Contributed Capital. Retained Earnings... Total Stockholder's Equity... 240,000 160,000 400,000 300,000 700,000 10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 1-Sep Corporation declared a 30% stock dividend distributable on October 1st to the September 15th stockholders of record. Market value of the stock was $11/share. 1-Oct Issued the stock dividend declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000. Common Stock, S8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand Paid-In Capital in Excess of Par.. Total Contributed Capital. Retained Earnings... Total Stockholder's Equity... 240,000 160,000 400,000 300,000 700,000 10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 1-Sep Corporation declared a 30% stock dividend distributable on October 1st to the September 15th stockholders of record. Market value of the stock was $11/share. 1-Oct Issued the stock dividend declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000.

Answer rating: 100% (QA)

Journal Entries Date Account Title and Explanation Debit Credit 10Jan Cash Dividend 30000 shares x 1 ... View the full answer