The equity sections from Lynbrook Corporation's 2022 and 2023 balance sheets follow. The following transactions...
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The equity sections from Lynbrook Corporation's 2022 and 2023 balance sheets follow. The following transactions and events affected its equity during year 2023. Feb. 15 Declared a $0.40 per share cash dividend, date of record five days later. Mar.2 Purchased treasury stock for cash. May 15 Declared a $0.40 per share cash dividend, date of record five days later. Aug.15 Declared a $0.40 per share cash dividend, date of record five days later. Oct. 4 Declared a 12.5% stock dividend when the stock's market value is $42 per share Oct. 20 Issued the stock dividend declared on October 4. Nov.15 Declared a $0.40 per share cash dividend, date of record five days later. Required 1. How many common shares are outstanding on each cash dividend date? 2. What is the total dollar amount for each of the four cash dividends? 3. What is the amount charged against retained earnings for the stock dividend? 4. What is the per share cost of the treasury stock purchased? 5. How much net income did the company earn during year 2023
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The equity sections from Lynbrook Corporation's 2022 and 2023 balance sheets follow. The following transactions and events affected its equity during year 2023. Feb. 15 Declared a $0.40 per share cash dividend, date of record five days later. Mar.2 Purchased treasury stock for cash. May 15 Declared a $0.40 per share cash dividend, date of record five days later. Aug.15 Declared a $0.40 per share cash dividend, date of record five days later. Oct. 4 Declared a 12.5% stock dividend when the stock's market value is $42 per share Oct. 20 Issued the stock dividend declared on October 4. Nov.15 Declared a $0.40 per share cash dividend, date of record five days later. Required 1. How many common shares are outstanding on each cash dividend date? 2. What is the total dollar amount for each of the four cash dividends? 3. What is the amount charged against retained earnings for the stock dividend? 4. What is the per share cost of the treasury stock purchased? 5. How much net income did the company earn during year 2023 