The following journal entries are for Keel Corporation:

The management of Keel Corporation has asked you, a CPA, to analyze these journal entries and decide whether each is correct. The explanations are all correct. Wherever a journal entry is incorrect, prepare the journal entry that should have been made.

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1. Retained Earnings Reserve for Uncollectible Accounts To record the adjusting entry for uncollectible accounts. 2. Retained Earnings Reserve for Depreciation. To record depreciation expense. 3. Retained Earnings Appropriation for Plant Expansion: To record retained earnings appropriation.. 4. Retained Earnings Stock Dividend Distributable-Common To record 10% stock dividend declaration (100 shares to be distributed $80 par value, $120 market value). 5. Stock Dividend Distributable-Common Common Stock . . To record distribution of stock dividend. 6. Treasury Stock Cash To record acquisition of 200 shares of $80 par value common stock at $160 per share. 12,000 12,000 48,000 48,000 120,000 120,000 8,000; 8,000 8,000! 8,000 32,000 32,000