On January 1, 2022, Wildhorse Corporation had the following stockholders' equity accounts. Common Stock ($22 par value, 54,000 shares issued and outstanding) $1,188,000 Paid-in Capital in Excess of Par-Common Stock 199,000 Retained Earnings 626,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 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 31 Dec. 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $321,500.
On January 1, 2022, Wildhorse Corporation had the following stockholders' equity accounts. Common Stock ($22 par value, 54,000 shares issued and outstanding) $1,188,000 Paid-in Capital in Excess of Par-Common Stock 199,000 Retained Earnings 626,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 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 31 Dec. 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $321,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journalize the transactions and the closing entries for net income and dividends
Transcribed Image Text:On January 1, 2022, Wildhorse Corporation had the following stockholders' equity accounts.
Common Stock ($22 par value, 54,000 shares issued and outstanding)
$1,188,000
Paid-in Capital in Excess of Par-Common Stock
199,000
Retained Earnings
626,000
During the year, the following transactions occurred.
Feb. 1
Declared a $3 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
31
Dec. 1
Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of
the stock was $15 per share.
Issued the shares for the stock dividend.
Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31
Determined that net income for the year was $321,500.
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