Question

In: Accounting

On January I, 2012. Syed Corporation had the following stockholders' equity accounts. CommonStock($5 par value,200,000 shares...

On January I, 2012. Syed Corporation had the following stockholders' equity accounts.

CommonStock($5 par value,200,000 shares issued and outstanding) $1,000,000

Paid-inCapitalin Excess Of Par-CommonStock 200,000

Retained Earnings 840,000

During the year, the following transactions occurred.

Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15

Feb. 15 Paid the dividend declared in January.

Apr. 15 Declared a 10% stock dividend to stockholders of record on April30, distributable May 15. On April 15, the market price of the stock was $15 per share.

May 15 Issued the shares for the stock dividend.

July 1 Announced a 2-for-l stock split. The market price per share prior to the announcement was $17.(The new par value is $2.50.)

Dec. 31 Declared a $0.50per share cash dividend to stockholders of record on December,payableJanuary10,2013.

Determined That net income for the year was $250,000

Instructions

(a) Journalize the transactions and the closing entry for net income.

(b) Enter the beginning balances, and post the entries to the stockholder's equity accounts. (Note: Open Additional Stockholders' Equity Accounts as needed.)

(c) Prepare a stockholders' equity section on December 31.

Expert Solution

ekkarill92 answered 2 years ago

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