The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 47,300 shares authorized; 24,480 and 21,900 shares issued and outstanding, respectively. Retained earnings Required: 1. How many shares were outstanding on each of the cash dividend dates? 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 1,500 common shares were repurchased and retired at $20.30 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 $2.40 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 $38.00 per share. Outstanding shares Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. Jan. 5 Apr. 5 2021 July 5 2020 Oct. 5 $569,160 $444,570 569,100 594,900
The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 47,300 shares authorized; 24,480 and 21,900 shares issued and outstanding, respectively. Retained earnings Required: 1. How many shares were outstanding on each of the cash dividend dates? 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 1,500 common shares were repurchased and retired at $20.30 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 $2.40 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 $38.00 per share. Outstanding shares Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. Jan. 5 Apr. 5 2021 July 5 2020 Oct. 5 $569,160 $444,570 569,100 594,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Shj.4
Transcribed Image Text:The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows:
Contributed capital:
Common shares, 47,300 shares authorized; 24,480 and 21,900 shares
issued and outstanding, respectively.
Retained earnings
Required:
1. How many shares were outstanding on each of the cash dividend dates?
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 1,500 common shares were repurchased and retired at $20.30 per share.
Outstanding shares
Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later.
July 5 A $2.40 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 $38.00 per share.
Aug. 14 The share dividend was issued.
Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later.
Jan. 5
Apr. 5
2021
July 5
2020
Oct. 5
$559,160 $444,570
569,100 594,900
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education