Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1.249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apr. 16 Oct. 1. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually and If no entry is required, select "No Entry" for the account titles and enter 0 for the amoubts.)
Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1.249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apr. 16 Oct. 1. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually and If no entry is required, select "No Entry" for the account titles and enter 0 for the amoubts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit
entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually and If no entry is required,
select "No Entry" for the account titles and enter O for the amounts.)
Transaction entries:
Date
Account Titles and Explanation
Debit
Credit
100

Transcribed Image Text:Current Attempt in Progress
On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts:
Common shares (unlimited number of shares authorized, 48,400 shares issued)
$1,936.000
Retained earnings
1,249,600
Accumulated other comprehensive income
59,840
During the year, the following transactions occurred:
Jan.
15
Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15.
Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and
May 15, the share prices were $12, $11.80, and $11.90, respectively.
Apг.
16
Oct.
Effected a 2-for-1 stock split. On October 1, the share price was $15.
Dec. 31
Determined that net income for the year was $552,640.
(a)
Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit
entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually and If no entry is required,
select "No Entry" for the account titles and enter O for the amoubts.)
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