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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

FINANCIAL ACCOUNTING
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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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
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
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