Current Attempt in Progress On January 1, 2022, Monty Corp. had the following stockholders' equity accounts. Common Stock ($20 par value, 60,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 $1,214,000 203,000 569,000 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $310.000.
Current Attempt in Progress On January 1, 2022, Monty Corp. had the following stockholders' equity accounts. Common Stock ($20 par value, 60,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 $1,214,000 203,000 569,000 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $310.000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
C
Transcribed Image Text:Current Attempt in Progress
On January 1, 2022, Monty Corp. had the following stockholders' equity accounts.
Common Stock ($20 par value, 60,700 shares issued and outstanding)
Paid-in Capital in Excess of Par-Common Stock
Retained Earnings
During the year, the following transactions occurred.
Feb. 1
Mar. 1
Apr. 1
July 1
31
Dec. 1
31
$1,214,000
203,000
569,000
Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Paid the dividend declared in February.
Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.
Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the
market price of the stock was $14 per share.
Issued the shares for the stock dividend.
Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023.
Determined that net income for the year was $310,000.
Transcribed Image Text:Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in
the order presented in the problem. Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
:
9
Account Titles and Explanation
Cash Dividends
Dividends Payable
Dividends Payable
Cash
No Entry
No Entry
Stock Dividends
Common Stock Dividends Distributable
Paid-in Capital in Excess of Par-Common Stoc
Common Stock Dividends Distributable
Common Stock
Cash Dividends
Dividends Payable
Income Summary
Retained Earnings
(To close net income)
Retained Earnings
Stock Dividends
(To close stock dividends)
Retained Earnings
Cash Dividends
(To close cash dividends)
Debit
60700
=
60700
30350
310000
Credit
C
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