Prepare General journal, General ledger, and New Stockholder's equity STOCKHOLDERS EQUITY (as of 1/1/21) Contributed Capital: Common

1. Prepare
2. General journal, General ledger, and New Stockholder's equity   

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STOCKHOLDERS EQUITY (as of 1/1/21) Contributed Capital: Common Stock, $5 Par, 500,000 shrs authorized, 120,000 shrs issued and outstanding..... Paid-In Capital in Excess of Par - Common Stock Total Contributed Capital. Retained Earnings.... Total Stockholder's Equity... 10-Jan Board of director's declared a $.60/share (60 cents) cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 6-Jun 1-Sep 600,000 350,000 950,000 750,000 1,700,000 Issued 20,000sh of common stock for cash at $8 per share. Board of director's declared a $.70/share (70 cents) cash dividend payable on October 1st to the September 15th stockholders of record. 1-Oct Paid the cash dividends declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $250,000. STOCKHOLDERS EQUITY (as of 1/1/21) Contributed Capital: Common Stock, $5 Par, 500,000 shrs authorized, 120,000 shrs issued and outstanding..... Paid-In Capital in Excess of Par - Common Stock Total Contributed Capital. Retained Earnings.... Total Stockholder's Equity... 10-Jan Board of director's declared a $.60/share (60 cents) cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 6-Jun 1-Sep 600,000 350,000 950,000 750,000 1,700,000 Issued 20,000sh of common stock for cash at $8 per share. Board of director's declared a $.70/share (70 cents) cash dividend payable on October 1st to the September 15th stockholders of record. 1-Oct Paid the cash dividends declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $250,000.

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Journal entries January 10 Declaration of Cash Dividend Debit Cash Dividends 120000 shares 060 per share 72000 Credit Cash Dividends Payable 72000 February 10 Payment of Cash Dividend Debit Cash Dividends Payable 72000 Credit Cash Payment of dividend 72000 June 6 Issuance of 20000 shares of common stock for cash at 8 per share Debit Cash 20000 shares 8 per share 160000 Credit Common Stock 20000 shares 5 par value 100000 Credit PaidIn Capital in Excess of Par Common Stock 20000 shares 3 per share 60000 September 1 Declaration of Cash Dividend Debit Cash Dividends 120000 shares 070 per share 84000 Credit Cash Dividends Payable 84000 October 1 Payment of Cash Dividend Debit Cash Dividends Payable 84000 Credit Cash Payment of dividend 84000 December 31 Closing Income Summary into Retained Earnings Debit Income Summary Net income for the year 250000 Credit Retained Earnings 250000 Date Account Debit Credit Jan 10 Cash Dividends 72000 Cash Dividends Payable 72000 Feb ... View the full answer