On January 1, 2022, Frasier Corporation had the following stockholders’ equity accounts. Common Stock ($20 par value, 66,500 shares issued and outstanding) $1,330,000 Paid-in Capital in Excess of Par—Common Stock 190,000 Retained Earnings 579,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 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 $35. 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 $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $390,000.
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On January 1, 2022, Frasier Corporation had the following
Common Stock ($20 par value, 66,500 shares issued and outstanding) $1,330,000
Paid-in Capital in Excess of Par—Common Stock 190,000
Retained Earnings 579,000
During the year, the following transactions occurred.
Feb. 1 Declared a $2 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 $35.
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 $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31 Determined that net income for the year was $390,000.
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