On January 1, 2020, Ivanhoe Corporation had the following stockholders’ equity accounts. Common Stock ($24 par value, 61,000 shares issued and outstanding) $1,464,000 Paid-in Capital in Excess of Par—Common Stock 191,000 Retained Earnings 619,000 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 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% 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. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $365,500 1. journalize the transactions and the closing entries for net income and dividends 2.Enter the beginning balances, and post the entries to the stockholders’ equity accounts.
On January 1, 2020, Ivanhoe Corporation had the following stockholders’ equity accounts. Common Stock ($24 par value, 61,000 shares issued and outstanding) $1,464,000 Paid-in Capital in Excess of Par—Common Stock 191,000 Retained Earnings 619,000 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 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% 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. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $365,500 1. journalize the transactions and the closing entries for net income and dividends 2.Enter the beginning balances, and post the entries to the stockholders’ equity accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2020, Ivanhoe Corporation had the following
| Common Stock ($24 par value, 61,000 shares issued and outstanding) | $1,464,000 | |
| Paid-in Capital in Excess of Par—Common Stock | 191,000 | |
| 619,000 |
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 | Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. | |
| July 1 | Declared a 15% 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. | |
| 31 | Issued the shares for the stock dividend. | |
| Dec. 1 | Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. | |
| 31 | Determined that net income for the year was $365,500 |
1. journalize the transactions and the closing entries for net income and dividends
2.Enter the beginning balances, and
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