50.1K

Verified Solution

Link Copied!

please help!! will leave an amazing review!

Konicr Corporation reports the following components of stockholders' equity at December 31 of the prior year. Comon stock-520 pan value, 160,000 shares authorized, 50 , e00 shares issued and outstanding Paid-in capital in excess of par value, comon stock Retained earnings Total stockholders" equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 birectors declared a 54 per share cash dividend payable on february 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,00e of its treasury shares at $24 cash per share. August 22 Sold 2 , eoe of its treasury shares at 516 cash per share. september 5 Directors declared a 54 per share cash dividend payable on october 21 to the Septeeber 25 stockholders of record. October 28 Paid the dividend declared on Septeaber 5. Deceaber 31 closed the 5388,000 credit balance (Arom nut incoee) in the Income Sunnary account to Retained farnings. Required: 1. Prepare joumal 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 yeat. Complete this question by entering your answers in the tabs below. Prepare foutnal entries to record each of these transactions

Answer & Explanation Solved by verified expert

See Answer