In: Accounting
The equity sections from OnPoint Group’s 2016 and 2017 year-end
balance sheets follow. Stockholders’ Equity (December...
The equity sections from OnPoint Group’s 2016 and 2017 year-end
balance sheets follow. Stockholders’ Equity (December 31, 2016)
Common stock—$8 par value, 120,000 shares authorized, 50,000 shares
issued and outstanding $ 400,000 Paid-in capital in excess of par
value, common stock 60,000 Retained earnings 330,000 Total
stockholders’ equity $ 790,000 Stockholders’ Equity (December 31,
2017) Common stock—$8 par value, 120,000 shares authorized, 55,520
shares issued, 4,000 shares in treasury $ 444,160 Paid-in capital
in excess of par value, common stock 115,200 Retained earnings
($64,000 restricted by treasury stock) 590,000 1,149,360 Less cost
of treasury stock (64,000 ) Total stockholders’ equity $ 1,085,360
The following transactions and events affected its equity during
year 2017. Jan. 5 Declared a $0.60 per share cash dividend, payable
on January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5
Declared a $0.60 per share cash dividend, payable on April 10. July
5 Declared a $0.60 per share cash dividend, payable on July 10.
July 31 Declared a 12% stock dividend when the stock’s market value
was $18 per share. Aug. 14 Issued the stock dividend that was
declared on July 31. Oct. 5 Declared a $0.60 per share cash
dividend, date of record October 10. need to find solve the general
journal, general ledger, trial balance, cash dividends, and stock
dividend