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12 Required information [The following information applies to the questions displayed below) Context Corporation reports the following components of stockholders' equity on December 31, 2011
12 Required information [The following information applies to the questions displayed below) Context Corporation reports the following components of stockholders' equity on December 31, 2011 Part 1 of 3 1 10 points Common stock-$15 par value, 100,000 shares authorized, 40,000 shares Issued and outstanding Pald-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 80.000 400,000 eBook $1,080,000 References In year 2012, the following transactions affected its stockholders' equity accounts Jan 1Purchased 5,000 shares of its own stock at $25 cash per share Jan. 5 Directors declared a $4 per share cash dividend payable on Feb 28 to the Feb. 5 stockholders of record Feb 28 Paid the dividend declared on January 5 July 6 Sold 1.875 of its treasury shares at $29 cash per share Aug 22 Sold 3.125 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the Cantamar 25 Uhrrard of Next > Hope FeWUIR 1 Sarved 12 Part 1 of 3 In year 2012, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 5,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb 28 Paid the dividend declared on January 5. July 6 Sold 1,875 of its treasury shares at $29 cash per share. Aug 22 Sold 3.125 of its treasury shares at $22 cash per share Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct.28 Paid the dividend declared on September 5, Dec. 31 Closed the $388,000 credit balance (from net income) in the income Summary account to Retained Earnings. 10 points eBook Print References Required: 1. Prepare journal entries to record each of these transactions for 2012 (Omit the "S" sign in your response.) Credit Date Jan Debit 25000 General Journal Treasury stock common Cash 1 125000 Jan 5 Retained earnings Mc Graw
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