Question: Please complete in the fields provided. Also include any calculations used. Thank you in advance On December 31, 2020, Blossom Corporation had the following shareholders'

Please complete in the fields provided. Also include any calculations used. Thank you in advance
Please complete in the fields provided. Also include any calculations used. Thank
you in advance On December 31, 2020, Blossom Corporation had the following
shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15

On December 31, 2020, Blossom Corporation had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31 , payable February 15. July 1 Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $12. Dec. 15 Declared a 15% stock dividend to shareholders of record on December 30 , distributable on January 15. On December 15 , the market price of each share was $6; on December 30,50; and on January 15,57. 31 Determined that profit before income tax for the year was $443.000. The company has a 350 income tax rate Journalize the transactions and closing entries for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the dccount titles and enter O for the amounts. Record journol (Date of record for dividend.) (To close Income Summary.) (To close dividends to retained earnings.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!