Question: Please help The equity sections for Smith Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders'














The equity sections for Smith Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$6 par value, 110,000 shares authorized, 40,000 shares issued and outstanding $ 240,000 Paid-in capital in excess of par value, common stock 36,000 Retained earnings 200,000 Total stockholders' equity $ 476,000 Stockholders' Equity (December 31) Common stock-$6 par value, 110,000 shares authorized, 43,650 shares issued, 3,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($42,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $261,900 65,200 360,000 687, 100 (42,000) $645, 100 The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.40 per share cash dividend, payable on January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.40 per share cash dividend, payable on April 10. July 5 Declared a $0.40 per share cash dividend, payable on July 10. July 31 Declared a 10% stock dividend when the stock's market value was $14 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.40 per share cash dividend, date of record October 10. Requirement General Journal General Ledger Trial Balance Cash Dividends Stock Dividend General Ledger tab - Prepare journal entries for each transaction. Cash Dividends tab - Calculate the amount of each cash dividend Stock Dividend tab - Calculate the amount of retained earnings to be capitalized. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 Declared a $0.40 per share cash dividend, payable on January 10. es Note: Enter debits before credits. Date Account Title Dobit Credit Jan 05 Record entry Clear entry View general journal event, and then agree the year-end balances with the December 31 Stockholders' Equity statement giv View transaction list Journal entry worksheet Purchased treasury stock for cash. Hint: Use information from the December 31 Stockholders' equity statement. Entry to restrict retained earnings is not required. Note: Enter debits before credits. Account Title Debit Credit Date Mar 20 Record entry Clear entry View general journal Prev 1 of 1 Next View transaction list Journal entry worksheet 1 2. 3 4 5 6 7 > 8 12 Declared a $0.40 per share cash dividend, payable on April 10. Note: Enter debits before credits. Account Title Debit Credit Date Apr 05 Record entry Clear entry View general journal Declared a $0.40 per share cash dividend, payable on July 10. Note: Enter debits before credits. Account Title Debit Credit Date Jul 05 Record entry Clear entry View general journal Record payment of the 07/05 dividend. Note: Enter debits before credits. Account Title Debit Credit Date Jul 10 Record entry Clear entry View general journal Prev 1 of 1 Next View transaction list Journal entry worksheet View transaction list Journal entry worksheet 12 11 Declared a $0.40 per share cash dividend, date of record October 10. Note: Enter debits before credits. Account Title Debit Credit Date Oct 05 Record entry Clear entry View general journal View transaction list Journal entry worksheet Less cost of treasury stock Total stockholders' equity 687,100 (42,000) $645, 100 The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.40 per share cash dividend, payable on January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.40 per share cash dividend, payable on April 10. July 5 Declared a $0.40 per share cash dividend, payable on July 10. July 31 Declared a 10% stock dividend when the stock's market value was $14 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.40 per share cash dividend, date of record October 10. Requirement General Journal General Ledger Trial Balance Cash Dividends Stock Dividend Calculate the amount of retained earnings to be capitalized as a result of the stock dividend. Dates: Jan 01 to: Dec 31 Capitalization of retained earnings due to stock dividend: Number of shares outstanding on July 30 Percentage of stock dividend Number of shares to be issued Amount to be capitalized per share Total amount to be capitalized
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