The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows:Contributed capital:Common shares, 54,100 shares authorized; 23,040 and 21,300 sharesissued and outstanding, respectively.Retained earnings20242023$677,760 $602,790521,900 476,900The following transactions occurred during 2024 (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 2,100 common shares were repurchased and retired at $28.30 per share.Apr. 5 A $0.70 per share cash dividend was declared, and the date of record was five days later.July 5 A $1.90 per share cash dividend was declared, and the date of record was five days later..July 31 A 20.00x share dividend was declared when the market value was $35.00 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.Required:1. How many shares were outstanding on each of the cash dividend dates?Jan. 5Apr. 5July 5Oct. 5Outstanding shares2. How much profit did the company earn during 2024?Profit

A dividend is considered a distribution of the organization's earnings to its shareholders. A…

Answered: The following transactions occurred…

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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Hammond Manufacturing Inc. was legally incorporated on January 2, 2023. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2023 Jan. Mar. Dec. 12 Issued 40,000 common shares at $4.80 each. 20 Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $36,000. 31 Issued 80,000 common shares in exchange for land, building, and equipment, which have fair market values of $360,000, $480,000, and $48,000, respectively. 4 Purchased equipment at a cost of $8,160 cash. This was thought to be a special bargain price. It was felt that at least $10,800 would normally have had to be paid to acquire this equipment. 31 During 2023, the company incurred a loss of $96,000. The Income Summary account was closed. 2024…
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ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 85,000 Feb. 2 number of shares issued. 65,000 June 1 number of shares reacquired but not retired 5,000 Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): 100,000

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