Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...
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Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 99.00 million common shares, $20 par per share. Retained Earnings ($ in millions) 100 Beginning balance Retirement of 4.0 million common 3.50 shares for $33.e million 79 Net income for the year Declaration and payment of a $0.35 per share cash dividend Declaration and distribution of a 4% 33.25 31.60 stock dividend 110.65 Ending balance Requlred: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) No Event General Journal Debit Credit 1 1 Common stock 8.00 Retained earnings 3.50 Paid-in capital - excess of par 21.50 Cash 33.00 2 2 Net income 79.00 Retained earnings 79.00 3 Retained earnings 33.25 Cash 33.25 4 4 Retained earnings 31.60 O Common stock 8.00 8 Paid-in capital - excess of par 23.60 8 Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 99.00 million common shares, $20 par per share. Retained Earnings ($ in millions) 100 Beginning balance Retirement of 4.0 million common 3.50 shares for $33.e million 79 Net income for the year Declaration and payment of a $0.35 per share cash dividend Declaration and distribution of a 4% 33.25 31.60 stock dividend 110.65 Ending balance Requlred: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2021. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2021 based on the information provided. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) No Event General Journal Debit Credit 1 1 Common stock 8.00 Retained earnings 3.50 Paid-in capital - excess of par 21.50 Cash 33.00 2 2 Net income 79.00 Retained earnings 79.00 3 Retained earnings 33.25 Cash 33.25 4 4 Retained earnings 31.60 O Common stock 8.00 8 Paid-in capital - excess of par 23.60 8
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1 Correct Journal Entry no 4 Date Account Dr Cr Retained Earnings 316 Common Stock 76 Pa... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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