At December 31, 2018, Northern Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data.) Northern's 2019 transactions included (Click the icon to view the transactions.) Requirements 1. Journalize Northern's transactions in parts b, c, d, and e. Explanations are not required. What was the overall effect of these transactions (parts a-e) on Northern's stockholders' equity 2 Data Table More Info Re sta Common stock, $4.00 par value per share, b. 88 22 million shares issued 11 Paid-in capital in excess of par value Retained earnings 240 a. Net income, $450 million b. Issuance of 14 million shares of common stock for $11.50 per share c. Purchase of 6 million shares of treasury stock for $66 million d. Sold 1 million of the treasury shares purchased in part c for $12 million e. Declaration and payment of cash dividends of $29 million (80) Treasury stock, at cost $ 259 Total stockholders' equity Print Done Print Done C. Journal Entry Accounts Date Debit Credit 11 At December 31, 2018, Northern Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data.) Northern's 2019 transactions included (Click the icon to view the transactions.) Requirements 1. Journalize Northern's transactions in parts b, c, d, and e. Explanations are not required 2. What was the overall effect of these transactions (parts a-e) on Northern's stockholders' equity? Requirement 1. Journalize Northern's transactions in b, c, d, and e. Explanations are not required. (Enter amounts in millions as provided to you in the problem statement. Record debits first, then credits. Exclude explanations from any journal entries.) b. Issuance of 14 million shares of common stock for $11.50 per share. Journal Entry Accounts Date Debit Credit b. c. Purchase of 6 million shares of treasury stock for $66 million. Journal Entry Accounts Date Debit Credit C. d. Sold 1 million of the treasury shares purchased in part c for $12 million Journal Entry Date Accounts Debit Credit d. e 1. Declaration and payment of cash dividends of $29 million. Journalize the declaration of the dividend only. You will prepare the journal entry for the payment of the dividend next. Journal Entry Accounts Date Debit Credit e 1 e 2. Declaration and payment of cash dividends of $29 million. Now journalize the payment of the cash dividends. Journal Entry Accounts Date Debit Credit e 2. Requirement 2. What was the overall effect of these transactions (parts a through e) on Northern's stockholders' equity? The overall net effect on stockholders' equity is a of $
