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(Algo) Cash dividend, treasury stock and statement of retained earnings

xercise 1324 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 lex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Uring the current year, the following transactions affected its stockholders' equity accounts. zanuary 2 Purchased 4,3ea shares of its own stock at $25 cash per share. January 7 ofrectors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. ebruary 28 Paid the dividend declared on January 7 . July 9 Sold 1,720 of its treasury shares at $30 cash per share. August 27 5old 2,150 of its treasury shares at $21 cash per share. eptember 9 Directors declared a 32 per share cash dividend payable on October 22 to the 5 eptember 23 stockholders of record. october 22 Pald the dividend declared on Septeaber 9. ecember 31 closed the $65,000 credit balance (from net income) in the Income Sumary account to Retained Earnings. Required: . Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Camplete this question by entering your answers in the tabs below. Prepare joumal entries to record each of these transactions. Prepare journal entries to record each of these transactions. Journal entry worksheet 6 8 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. Noter Enter debits before credits. 1 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. 2. Record the declaration of a cash dividend of $1.50 per share. 3 Record the payment of the cash dividend declared on January 7. 4 Record the reissue of 1,720 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 2,150 shares of the treasury stock for $21 cash per share. 4. Record the reissue of 1,720 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 2,150 shares of the treasury stock for $21 cash per share. 6 Record the declaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend declared on September 9. 8. Record the entry to close the $65,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note : = journal entry has been entered Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducte indicated by a minus sign.) Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducte indicated by a minus sign.) Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current yei Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Am should be indicated by a minus sign.) xercise 1324 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 lex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Uring the current year, the following transactions affected its stockholders' equity accounts. zanuary 2 Purchased 4,3ea shares of its own stock at $25 cash per share. January 7 ofrectors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. ebruary 28 Paid the dividend declared on January 7 . July 9 Sold 1,720 of its treasury shares at $30 cash per share. August 27 5old 2,150 of its treasury shares at $21 cash per share. eptember 9 Directors declared a 32 per share cash dividend payable on October 22 to the 5 eptember 23 stockholders of record. october 22 Pald the dividend declared on Septeaber 9. ecember 31 closed the $65,000 credit balance (from net income) in the Income Sumary account to Retained Earnings. Required: . Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Camplete this question by entering your answers in the tabs below. Prepare joumal entries to record each of these transactions. Prepare journal entries to record each of these transactions. Journal entry worksheet 6 8 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. Noter Enter debits before credits. 1 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. 2. Record the declaration of a cash dividend of $1.50 per share. 3 Record the payment of the cash dividend declared on January 7. 4 Record the reissue of 1,720 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 2,150 shares of the treasury stock for $21 cash per share. 4. Record the reissue of 1,720 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 2,150 shares of the treasury stock for $21 cash per share. 6 Record the declaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend declared on September 9. 8. Record the entry to close the $65,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note : = journal entry has been entered Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducte indicated by a minus sign.) Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducte indicated by a minus sign.) Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current yei Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Am should be indicated by a minus sign.)

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