Apple has the following at Jan 1, 2018 2,000,000 shares of common stock issued and $1...

Apple has the following at Jan 1, 2018

2,000,000 shares of common stock issued and $1 par outstanding 4,000,000 shares authorized

Additional paid in capital $5,750,000

retained earnings $12,345,000

During 2018 the following occured

Net income: $6,789,000

cash dividend declared May 15: $.70 per share

cash dividends paid on Jun 30th

stock dividends declared on November 30th : 17%

stock dividend distributed on 12/31

the market price of the stock has been $36 all year

Prepare journal entries to record cash and stock dividends

prepare a owners equity section of Apple's balance sheet of 12/31/2018

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