Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2022, indigo corporation had these s

On January 1, 2022, Indigo Corporation had these stockholders equity accounts. Common Stock ($10 par...

90.2K

Verified Solution

Question

Accounting

On January 1, 2022, Indigo Corporation had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid-in Capital in Excess of Par Value 490,000 Retained Earnings 700,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $13 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Dec. 31 Determined that net income for the year was $370,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students