On January 1, 2020, Dingler Corporation had the following stockholders' equity accounts. Common Stock / Ordinary Shares (par value 20, 100,000 shares issued and outstanding) Paid in Capital in excess of Par – CS/ Ordinary Share Premium Retained Earnings $2,000,000 800.000 1,000,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 July 1 Announced a 4-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $13 per share. July 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Dec 31 Determined that net income for the year was $700,000. Instructions Journalize transactions and Prepare the stockholders' equity section of the financial position at December 31, 2020.
On January 1, 2020, Dingler Corporation had the following stockholders' equity accounts. Common Stock / Ordinary Shares (par value 20, 100,000 shares issued and outstanding) Paid in Capital in excess of Par – CS/ Ordinary Share Premium Retained Earnings $2,000,000 800.000 1,000,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 July 1 Announced a 4-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $13 per share. July 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Dec 31 Determined that net income for the year was $700,000. Instructions Journalize transactions and Prepare the stockholders' equity section of the financial position at December 31, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:On January 1, 2020, Dingler Corporation had the following stockholders' equity accounts.
Common Stock / Ordinary Shares (par value 20, 100,000 shares issued and outstanding)
Paid in Capital in excess of Par – CS/ Ordinary Share Premium
Retained Earnings
$2,000,000
800.000
1,000,000
During the year, the following transactions occurred.
Feb. 1 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 4-for-1 stock split. Prior to the split, the market price per share was $36.
Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of
the stock was $13 per share.
Mar. 1
Apr. 1
July 1
July 31 Issued the shares for the stock dividend.
Dec. 1
Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021.
Dec 31 Determined that net income for the year was $700,000.
Instructions
Journalize transactions and Prepare the stockholders' equity section of the financial position at December 31, 2020.
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