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Unit 8 Assignment Q9

a

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c

The post closing trial balance of Oriole Corporation at December 21 2022.contains the following stockholders' equity accounts $800.000 Preferred Stock 16.000shares soud Common Stock 250.000 shares issued -2.530.000 253.000 Paid-in Capital in Excess of Par-Preferred Stock Pad-in Capital in Excess of Par-Common Stock 389,000 253.000 Common Stock Dividends Distributable Retained Earnings 1079.180 1 3. 5 A review of the accounting records reveals the following No errors have been made in recording 2022 transactions crin preparing the closing entry for net income 2 Preferred stock is $50 par, 6% and cumules mulative 16,000 shares have been outstanding since January 1, 2021 Authorized stockis 21,000 shares of preferred, 506.000 shares of common with a 10 par value The January 1 balance in Retained Earnings was $ 1.200.000 On Juy 1. 19.000 shares of common stock were issued for cash at $ 16 per share On September 1, the company discovered an understatement erre CES 88.600 in computing salaries and wages expense in 2021 The net of tax effect of 562.020 was property debited directly to retained Earnings Acash dividend of $ 253,000 was declared and property allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021 On December 31, a 10% common stock dividend was dedared out of retained earnings on common stock when the market price per share was 516 Net income for the year was $599,000 On December 31, 2022, the directors authorized disclosure of a $ 190.000 restriction of retained earnings for plant spansion (Use Notex 6 7. B 9. 10 (a) Reproduce the Retained Earnings account for 2022. list items in order presented in the problem Retained Earnings Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do not provide descriptive information ORIOLE CORPORATION Partial Balance Sheet $ e Textbook and Media List of Accounts Soforte Attempts:0 of 5 used Submit An Ic ) Compute the allocation of the cash dividend to preferred and common stock Allocation of the cash dividend to preferred stock s Allocation of the cash dividend to common stock $ eTextbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer 5.Vt for Later

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