Question: Need help ASAP will tip on venmo The balance sheet of Millan Management Consulting, Inc. at December 31, 2023, reported the following stockholders' equity: (Click
Need help ASAP will tip on venmo
The balance sheet of Millan Management Consulting, Inc. at December 31, 2023, reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance sheet.) - X During 2024, Millan completed the following selected transactions: Data table i (Click the icon to view the transactions.) Read the requirements. Stockholders' Equity Paid-In Capital: Common Stock-$15 Par Value; 150,000 shares authorized, 15,000 shares issued and outstanding $ 225,000 Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Paid-In Capital in Excess of Par-Common 320,000 Feb. 6: Declared a 15% stock dividend on the common stock. The market value of Millan's stock was $27 per share. Total Paid-In 545,000 Date Accounts and Explanation Debit Credit Retained Earnings 163,000 Feb. 6 Total Stockholder $ 708,000 Print Done Feb. 15: Distributed the stock dividend. Date Accounts and Explanation Debit Credit X Feb. 15 More info Feb. 6 Declared a 15% stock dividend on common stock. The market value of Millan's stock was $27 per share. Feb. 15 Distributed the stock dividend. Jul. 29 Purchased 2,000 shares of treasury stock at $27 per share. Jul. 29: Purchased 2,000 shares of treasury stock at $27 per share. Nov. 27 Declared a $0.25 per share cash dividend on the common stock outstanding. Date Accounts and Explanation Debit Credit Jul. 29 - X Requirements 1. Record the transactions in the general journal. 2. Prepare a retained earnings statement for the year ended December 31, Nov. 27: Declared a $0.25 per share cash dividend on the common stock outstanding. (Round your answers to the nearest whole dollar.) 2024. Assume Millan's net income for the year was $89,000. 3. Prepare the stockholders' equity section of the balance sheet at December Date Accounts and Explanation Debit Credit 31, 2024. Nov. 27 Print Done Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Millan's net income for the year was $89,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate.)Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Millan's net income for the year was $89,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate.) Millan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. (Use parentheses or a minus sign for amounts to be subtracted.) Millan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity
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