References Profit The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 57,300 shares authorized; 25,560 and 23,300 shares issued and outstanding, respectively. Retained earnings 2021 2020 $681,600 $573,180 583,300 580,700 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,000 common shares were repurchased and retired at $24.60 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.00 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $37.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.80 per share cash dividend was declared, and the date of record was five days later. 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Balance, January 1 Balance, December 31 KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Shares Retained Earnings Total Equity
References Profit The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 57,300 shares authorized; 25,560 and 23,300 shares issued and outstanding, respectively. Retained earnings 2021 2020 $681,600 $573,180 583,300 580,700 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,000 common shares were repurchased and retired at $24.60 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.00 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $37.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.80 per share cash dividend was declared, and the date of record was five days later. 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) Balance, January 1 Balance, December 31 KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Shares Retained Earnings Total Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:References
Profit
The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows:
Contributed capital:
Common shares, 57,300 shares authorized; 25,560 and 23,300
shares issued and outstanding, respectively.
Retained earnings
2021
2020
$681,600 $573,180
583,300 580,700
The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky):
Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later.
Mar. 20 2,000 common shares were repurchased and retired at $24.60 per share.
Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later.
July 5 A $2.00 per share cash dividend was declared, and the date of record was five days later.
July 31 A 20.00% share dividend was declared when the market value was $37.00 per share.
Aug. 14 The share dividend was issued.
Oct.
5 A $1.80 per share cash dividend was declared, and the date of record was five days later.
3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a
minus sign.)
Balance, January 1
Balance, December 31
KENTUCKY CORPORATION
Statement of Changes in Equity
For Year Ended December 31, 2021
Common
Shares
Retained
Earnings
Total Equity
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