This question is from accounting 2

Sigchi4life
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Accounting
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Question description

Stockholders’ Equity (December 31, 2013) Common stock—$5 par value, 50,000 shares authorized, 40,000 shares issued and outstanding $ 200,000 Paid-in capital in excess of par value, common stock 160,000 Retained earnings 340,000 Total stockholders’ equity $ 700,000

Stockholders’ Equity (December 31, 2014) Common stock—$5 par value, 50,000 shares authorized, 47,200 shares issued, 4,000 shares in treasury $ 236,000 Paid-in capital in excess of par value, common stock 210,400 Retained earnings ($40,000 restricted by treasury stock) 420,000 866,400 Less cost of treasury stock (40,000 ) Total stockholders’ equity $ 826,400

The following transactions and events affected its equity during year 2014. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock’s market value is $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10. References

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