On January 1, 2022, MaryKay's Stockholders' equity accounts are as follows:

Common Stock $3 par (120,000 shares authorized, 55,000 shares issued) $165,000

PIC in Excess par - Common Stock $130,000

Retained Earnings $580,000

Treasury Stock (8,000 shares at cost) $80,000

The following transactions occurred during the year:

 1/05: Declared a cash dividend of $1.10 per share on the common stock outstanding.

2/10: Paid the cash dividend that was previously declared on 1/05.

3/24: Issued 12,000 shares of common stock for $12 per share.

5/23: Reissued 4,500 shares of the treasury stock at $15 per share.

8/01: The directors declared a 2% stock dividend to be distributed on 10/15. The market value is $40 per share on this date.

10/15: Distributed the Stock Dividend declared on 8/01.

11/17: Reissued the remaining 3,500 shares of treasury stock for $8 per share.

12/30: Declared a cash dividend of $1.20 per share on the common stock outstanding. The dividend will be paid next year.

12/31: Closed the 55,000 credit balance of the income summary account.

12/31: Closed the dividends accounts.

1. Complete the journal entries for the above transactions

2. Complete the statement of stockholders equity.

Answer rating: 100% (QA)

1 Journal Entries a January 5 Dividends 55000 shares 110 60500 Dividends Payable 60500 To record the declaration of cash dividend b February 10 Divide... View the full answer