The equity sections from Marshall Group’s 2016 and 2017 year-end balance sheets follow. Stockholders’ Equity (December...

The equity sections from Marshall Group’s 2016 and 2017 year-end balance sheets follow.

Stockholders’ Equity (December 31, 2016)
Common stock—$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding	$	500,000
Paid-in capital in excess of par value, common stock		75,000
Retained earnings		410,000
Total stockholders’ equity	$	985,000

Stockholders’ Equity (December 31, 2017)
Common stock—$10 par value, 130,000 shares authorized, 58,800 shares issued, 6,000 shares in treasury	$	588,000
Paid-in capital in excess of par value, common stock		180,600
Retained earnings ($120,000 restricted by treasury stock)		740,000
		1,508,600
Less cost of treasury stock		(120,000	)
Total stockholders’ equity	$	1,388,600

The following transactions and events affected its equity during year 2017.

Jan.	5	Declared a $2.00 per share cash dividend, payable on January 10.
Mar.	20	Purchased treasury stock for cash.
Apr.	5	Declared a $2.00 per share cash dividend, payable on April 10.
July	5	Declared a $2.00 per share cash dividend, payable on July 10.
July	31	Declared a 20% stock dividend when the stock’s market value was $22 per share.
Aug.	14	Issued the stock dividend that was declared on July 31.
Oct.	5	Declared a $2.00 per share cash dividend, date of record October 10.

General Ledger tab - Prepare journal entries for each transaction.

Cash Dividends tab - Calculate the amount of each cash dividend

Stock Dividend tab - Calculate the amount of retained earnings to be capitalized.

Expert Solution

Date	Account Title and explanation	Debit	Credit
5-Jan	Common cash dividends [ 50,000 x 2 ]	$100,000
	Dividends Payable - Common		$100,000
	To record cash dividends declared

20-Mar	Treasury stock	$120,000
	Cash		$120,000
	To record purchase of own stock

5-Apr	Common cash dividends[50,000-6,000]x2	88000
	Dividends Payable - Common		88000
	To record cash dividends declared

5-Jul	Common cash dividends[50,000-6,000]x2	88000
	Dividends Payable - Common		88000
	To record cash dividends declared

31-Jul	Common Stock Dividends (50,000-6000)x20%x22	$193,600
	Common Stock Dividends Distributable (50,000-6000)x20%x10		$88,000
	Paid-in Capital in Excess of Par-Common Stock		$105,600
	To record stock dividend declared

14-Aug	Common Stock Dividends Distributable	$88,000
	Common Stock - $10 Par		$88,000
	To record stock dividend distributed

5-Oct	Common cash dividends	$105,600
	Dividends Payable - Common		$105,600
	To record cash dividends declared

Dec. 31	Retained Earnings	$485,200
	Common cash dividends		$291,600
	Common stock dividends		$193,600
	To close stock and cash dividends to retained earnings

Dec. 31	Income Summary	$815,200
	Retained Earnings		$815,200
	To close net income to retained earnings

ekkarill92 answered 9 months ago

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