The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 53,100 shares authorized; 23,280 and 21,000 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 Kentucky): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,600 common shares were repurchased and retired at $22.00 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 $40.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $2.00 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 $582,000 $462,000 608,500 648,900
The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 53,100 shares authorized; 23,280 and 21,000 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 Kentucky): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,600 common shares were repurchased and retired at $22.00 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 $40.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $2.00 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 $582,000 $462,000 608,500 648,900
Chapter1: Financial Statements And Business Decisions
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