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Contributed capital: Common shares, 51,000 shares authorized; 24,480 and 22,500 shares issued and outstanding, respectively. Retained earnings balance sheet Kentuck Outstanding shares Required: 1. How many shares were outstanding on each of the cash dividend dates? Profit The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,100 common shares were repurchased and retired at $23.90 per share. Apr. 5 A $0.90 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.70 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $28.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Jan. 5 Apr. 5 July 5 2. How much profit did the company earn during 2021? 2021 Oct. 5 pration appeared 2020 $601,800 $537,750 526,200 600,600

Contributed capital: Common shares, 51,000 shares authorized; 24,480 and 22,500 shares issued and outstanding, respectively. Retained earnings balance sheet Kentuck Outstanding shares Required: 1. How many shares were outstanding on each of the cash dividend dates? Profit The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,100 common shares were repurchased and retired at $23.90 per share. Apr. 5 A $0.90 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.70 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $28.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Jan. 5 Apr. 5 July 5 2. How much profit did the company earn during 2021? 2021 Oct. 5 pration appeared 2020 $601,800 $537,750 526,200 600,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 51,000 shares authorized; 24,480 and 22,500 shares issued and outstanding, respectively. Retained earnings. Required: 1. How many shares were outstanding on each of the cash dividend dates? Outstanding shares The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,100 common shares were repurchased and retired at $23.90 per share. Apr. 5 A $0.90 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.70 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $28.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Profit 2. How much profit did the company earn during 2021? Jan. 5 Balance, January 1 Balance, December 31 Apr. 5 July 5 KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Retained Earnings 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Common Shares $ Oct. 5 0 $ 0 Total Equity $ $ $ $ $ $ 0 2021 0 0 0 2020 $601,800 $537,750 526,200 600,600 0 0
Transcribed Image Text:The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 51,000 shares authorized; 24,480 and 22,500 shares issued and outstanding, respectively. Retained earnings. Required: 1. How many shares were outstanding on each of the cash dividend dates? Outstanding shares The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,100 common shares were repurchased and retired at $23.90 per share. Apr. 5 A $0.90 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.70 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $28.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Profit 2. How much profit did the company earn during 2021? Jan. 5 Balance, January 1 Balance, December 31 Apr. 5 July 5 KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Retained Earnings 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Common Shares $ Oct. 5 0 $ 0 Total Equity $ $ $ $ $ $ 0 2021 0 0 0 2020 $601,800 $537,750 526,200 600,600 0 0
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