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lournalize the transaction

lournalize the transaction

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(a) Journalize the transactions for 2024 and closing entries for 2024. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date (Dividend declaration) (Dividend record date) Debit 00
Transcribed Image Text:(a) Journalize the transactions for 2024 and closing entries for 2024. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date (Dividend declaration) (Dividend record date) Debit 00
On December 31, 2023, Ivanhoe Corporation, a public company, had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders equity Common shares (unlimited number of shares authorized, 87,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan 15 July 1 Dec. 15 31 $1.193,000 530,000 $1.723.000 Declared a $1 per share cash dividend to shareholders of record on January 31. payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $12. Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $6; on December 30, $7; and on January 15, $6. Determined that profit before income tax for the year was $466,000. The company has a 30% income tax rate
Transcribed Image Text:On December 31, 2023, Ivanhoe Corporation, a public company, had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders equity Common shares (unlimited number of shares authorized, 87,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan 15 July 1 Dec. 15 31 $1.193,000 530,000 $1.723.000 Declared a $1 per share cash dividend to shareholders of record on January 31. payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $12. Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $6; on December 30, $7; and on January 15, $6. Determined that profit before income tax for the year was $466,000. The company has a 30% income tax rate
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