Week $4$ Assignment $2$: Dividends and Retained Earnings

$$

A$)$ Your company has $20,000$ shares of $$10$ par common stock outstanding. A $2$ for $1$ stock split is declared. Make memo entry.

B$)$ $$1,000,000$ of retained earnings was appropriated for a bond sinking fund. Make the required entry.

C$)$ The retained earnings balance on $1-1-23$ was $$1,000,000.$ Net income for the year was $$400,000.$ During the year, the company paid out $$60,000$ in cash dividends and $$40,000$ in stock dividends. Required: Complete a Statement of Retained Earnings, dated $12-31-23.$