Barcelona Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 985,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. Jan. 1 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors deelared a $2 per share cash dividend payable on rebruary 28 to the February s stockholders of record Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per ahare. Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. s 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 $228,0o0 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General General Statement of Stockholders Impact on Equity Journal Ledger Trial Balance Equity RE In year 2017, the following transactions affected its stockholders equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. View transaction list General Ledger Trial Balance Statement of Stockholders Impact on Requirement General Journal RE Equity Equity In year 2017, the following transactions affected its stockholders equity accounts. Prepare the necessa entry is required, select "No journal entry required" in the first input box. View transaction list Journal entry worksheet 2 4 6 7 8 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Note: Enter debits before credits Date Account Title Debit Credit Retained earnings Common dividend payable Jan 05 General Ledger Trial Balance Statement of Sto ckholders Impact on Equity Requirement General RE Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, 2017, as calculated, agrees with the amount reported on the balance sheet Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - December 31, 2016 $23 cash per share dividend payable on Feb. 28 to the Feb. 5 Jan. 1) Purchased 5,000 shares of its own stock at Jan. 5) Directors declared a $2 per share cash stockholders of record Feb. 28) Paid the dividend declared on January 5 Jul. 6) Sold 1,900 of its treasury shares at $27 cash per share. Aug. 22) Sold 3,100 of its freasury shares at $20 cash per share Sep. 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 $228,000 credit balance (from net income) in the Income Summary account to Retained Earnings
