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T1a8 destI Retained Earnings: Transactions and Statement The stockholders' equity accounts of Rayburn Corporation as of January 1 appear below Common stock, $7 par value, 400,000 shares authorized; 1,260,000 920,000 513,000 180,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings During the year, the following transactions occurred: Declared a 10 percent stock dividend; market value of the common stock was $13 per share. June 28 Issued the stock dividend declared on June 7. Dec. 5 Declared a cash dividend of $1.45 per share. Dec. 26 Paid the cash dividend declared on December 5 Required a. Prepare journal entries to record the foregoing transactions General Journal Debit Credit Date Description Jun.07 Stock Dividends Stock Dividends Distributable Paid-in-Capital in Excess of Par Value Declared stock dividend Jun.28 Stock Dividends Distributable Common Stock ssued common shares as stock dividend. Dec.05 Cash Dividends Dividends Payable Declared a cash dividend on common stock outstanding Dec.26 Dividends Payable Cash Paid cash dividend declared on Dec. 5 b. Prepare a statement of retained earnings. The net income for the year is $432,000. Do not use negative signs with your answers. RAYBURN CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add: Net Income Cash Dividends Declared Less: Stock Dividends Declared Retained Earnings, December 31