The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: Contributed capital: Common shares, 50,000 shares authorized; 23,400 and 21,400 shares issued and outstanding, respectively Retained earnings 2021 2020 $514,800 $428,000 564,000 452,000 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,900 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later.

The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: Contributed capital: Common shares, 50,000 shares authorized; 23,400 and 21,400 shares issued and outstanding, respectively Retained earnings 2021 2020 $514,800 $428,000 564,000 452,000 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,900 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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