2 GL 1101 - Based on Problem 11-2A LO C3, P2, P3 Dade Company reports the following components of stockholders' equity on January 1 5 points Common stock-$10 par value, 150,000 shares authorized 60,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 90,000 500.000 $1,190,000 During the year, the following transactions affected its stockholders equity accounts. Jan. 2. Purchased 6,000 shares of its own stock at $23 cash per share. Jan 5 Director declared $2 per share cash dividend payable on February 28 to the February 5 stockholders of record, Feb. 20 Paid the dividend declared on January 5 July 6 Sold 2,100 of its treasury shares at $27 cash per share. Aug 22 Sold 3.700 of its treasury shares at $20 cash per share Sept. 5 Directors declared $2 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. Closed the $233,50 credit balance (from net income) in the Income Summary account to retained Earnings a Answer is complete but not entirely correct. Requirement General General Statement of Stockholders Impact on Trial Balance Journal Ledger RE Equity Equity Prepare the Statement of Retained Earnings for Dade Corporation for the year ended December 31 DADE CORPORATION Statement of Retained Earnings For Year Ended December 31 EA 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,300 of its treasury shares at $27 cash per share. Aug. 22 Sold 3,700 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 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 $233,5ee credit balance (from net income) in the Income Summary account to Retained Earnings. Answer is complete but not entirely correct. General Requirement General Statement of Stockholders Journal Impact on Trial Balance Ledger RE Equity Equity Prepare the Statement of Retained Earnings for Dade Corporation for the year ended December 31. DADE CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings 500,000 Add: Net income 223,000 723,000 Less: Cash dividends declared (228000) Less Treasury stock reissuances (1,900) Ending retained earnings $ 493,100 Stockholders of recor Peasury shares at $27 cash per share. Aug- 22 Sold 3,700 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of reco Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $233,500 credit balance (from net income) in the Income Summary account to Retained Effing Eurfing Answer is complete but not entirely correct. Requirement General Journal General Ledger Thal Balance Statement of Stockholders RE Equity Impact on Equity Prepare the stockholders' equity section of Dade Corporation's balance sheet as of December 31. to: Dec 31 Dates: Jan 01 DADE CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock - $10 par value $ 600,000 Paid-in capital in excess of par value, common stock 90,000 Total contributed capital 690,000 Retained earnings 493,100 $ Total stockholders' equity $ 1,183,100 Dra! Next ter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: Jan 01 to: Dec 31 $ 1,190,000 (138,000) (108,000) 62, 100 74.000 Impact on equity Total Stockholders' Equity - January 1 Jan. 2) Purchased 6,000 shares of its own Stockholders' equity stock at $23 cash per share decreased Jan 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 Stockholders' equity stockholders of record decreased Feb 28) Paid the dividend declared on January 5 No change in total equity Jul 6) Sold 2,300 of its treasury shares at $27 Stockholders' equity cash per share increased Aug. 22) Sold 3,700 of its treasury shares at Stockholders' equity $20 cash per share increased Sep 5) Directors declared a $2 per share cash Stockholders' equity dividend payable on October 28 to the September 25 stockholders of record decreased Oct 28) Paid the dividend declared on No change in total equity September 5 Dec. 31) Closed the $233,500 credit balance Stockholders' equity (from net income) in the Income Summary increased account to Retained Earnings Total Stockholders' Equity - as calculated on December 31 Total Stockholder's Equity as reported on Stockholder's Equity tab Congratulations, you've explained the total change in equity!