Ster 8 Graded Homework Saved Help 1 ! Required information [The following information applies to the questions displayed below) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $130 par value, 64, cumulative, 100,000 shares authorized, 60,000 shares issued and outstanding $ 7,800,aee $ 7.800,000 Common stock, $4 par value, 600,000 shares authorized, 350,000 and 330,000 shares issued, respectively 1,329,800 Additional paid-in capital 14,608,8ee 14,000,000 Retained earnings 12,000,000 11,724,000 Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively (1,748,280) (1.728,000) Total stockholders' equity $ 7 $33, 116,000 Assume that on June 1 the board of directors declared a cash dividend of $0.23 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15. e-1. Calculate the total amount of the dividend. Totalcanh dividend CD ded Homework Help Save & E e-2. Assume that on June 1 the board of directors declared a cash dividend of $0.23 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15. Identify the impact this action will have on the June 30 balance sheet and on the income statement for June. (Select all that apply.) Check All That Apply The June 30, 2019, balance sheet will reflect a reduction in retained earnings and an increase in dividends payable for the same amount The June 30, 2019, balance sheet will reflect a reduction in dividends payable and an increase in retained earnings for the same amount Dividends declared have no effect on the income statement Dividends declared will result in a reduction of net profit. Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $ 7,800,000 $ 7.800,000 Paid-in capital: Preferred stock, $130 par value, 6%, cumulative, 100,000 shares authorized, 60,000 shares issued and outstanding Common stock, $4 par value, 600,000 shares authorized, 350,000 and 330,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasu common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity 7 14,680,000 12,000,000 1,320,000 14,800,000 11,724,000 (1,748,000) $ 7 (1,728.800 $33,116,800 f-1. Assume that on June 1 the market value of the common stock was $44 per share and that the board of directors declared a 5% stock dividend on the issued shares of common stock. Use the horizontal model to show the issuance of the stock dividend. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Llabilities Assets Stockholders' Equity Net Income ### + TULGE SLULNIU LUET AV. f-2. Assume that on June 1 the market value of the common stock was $44 per share and that the board of directors declared a 5% stock dividend on the issued shares of common stock. Prepare journal entry to show the issuance of the stock dividend. (If no entry required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the declaration of 5% stock dividend. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal