The equity section from the December 31, 2023 and 2024, balance sheets of Westburne Corporation appear Contributed capital: Common shares, 50,000 shares authorized; 24,840 and 23,200 shares issued and outstanding, respectively Retained earnings 2024 2023 $546,480 $464,000 570,000 458,000 Required: 1. How many shares were outstanding on each of the cash dividend dates? The following transactions occurred during 2024 (assume the retirements were the first ever recorded by We Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,500 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.60 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. SA $1.60 per share cash dividend was declared, and the date of record was five days later.
The equity section from the December 31, 2023 and 2024, balance sheets of Westburne Corporation appear Contributed capital: Common shares, 50,000 shares authorized; 24,840 and 23,200 shares issued and outstanding, respectively Retained earnings 2024 2023 $546,480 $464,000 570,000 458,000 Required: 1. How many shares were outstanding on each of the cash dividend dates? The following transactions occurred during 2024 (assume the retirements were the first ever recorded by We Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,500 common shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.60 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. SA $1.60 per share cash dividend was declared, and the date of record was five days later.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The equity section from the December 31, 2023 and 2024, balance sheets of Westburne Corporation appeared as follows:
Contributed capital:
Common shares, 50,000 shares authorized; 24,840 and 23,200 shares
issued and outstanding, respectively
Retained earnings
Required:
1. How many shares were outstanding on each of the cash dividend dates?
Outstanding shares
The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Westburne)
Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later.
Mar. 20 2,500 common shares were repurchased and retired at $20.00 per share.
Apr. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later.
July 5 A $1.60 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 $1.60 per share cash dividend was declared, and the date of record was five days later.
Jan. 5
Apr. 5
July 5
2024
Oct. 5
2023
$546,480 $464,000
570,000 458,000
4
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