On January 1, 2022, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 69,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $690,000 484,000 640,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. Issued the shares for the stock dividend. May 15 133
On January 1, 2022, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 69,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $690,000 484,000 640,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. Issued the shares for the stock dividend. May 15 133
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2022, Martinez Corp. had these stockholders' equity accounts.
Common Stock ($10 par value, 69,000 shares issued and outstanding)
Paid-in Capital in Excess of Par Value
Retained Earnings
During the year, the following transactions occurred.
$690,000
484,000
640,000
Jan. 15 Declared a $0,40 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15
Paid the dividend declared in January.
Apr. 15
Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market
price of the stock was $14 per share.
Issued the shares for the stock dividend.
Declared a $0,70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023.
Determined that net income for the year was $358,000.
May 15
Dec. 1
Dec. 31
Transcribed Image Text:Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the
order displayed in the problem statement. 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.)
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