Common Stock, $8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand Paid-In Capital in Excess of Par.. Total Contributed Capital Retained Earnings Total Stockholder's Equity. 240,000 160,000 400,000 300,000 700,000 10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 1-Sep Corporation declared a 30% stock dividend distributable on October 1st to the September 15th stockholders of record. Market value of the stock was $11/share. 1-Oct issued the stock dividend declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000.
Common Stock, $8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand Paid-In Capital in Excess of Par.. Total Contributed Capital Retained Earnings Total Stockholder's Equity. 240,000 160,000 400,000 300,000 700,000 10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record. 10-Feb Paid the cash dividends declared on January 10th. 1-Sep Corporation declared a 30% stock dividend distributable on October 1st to the September 15th stockholders of record. Market value of the stock was $11/share. 1-Oct issued the stock dividend declared on September 1st. 31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalize and prepare a new
Transcribed Image Text:Common Stock, $8 Par, 100,000 shrs authorized, 30,000 shrs issued & outstand
Paid-In Capital in Excess of Par
Total Contributed Capital..
Retained Earnings.
Total Stockholder's Equity....
240,000
160,000
400,000
300,000
700,000
10-Jan Corporation declared a $1/share cash dividend payable on February 10th to the February 1st stockholders of record.
10-Feb Paid the cash dividends declared on January 10th.
1-Sep Corporation declared a 30 % stock dividend distributable on October 1st to the September 15th stockholders of record.
Market value of the stock was $11/share.
1-Oct Issued the stock dividend declared on September 1st.
31-Dec Closed Income Summary into Retained Earnings. Net income for the year was $75,000.
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