Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can someone help me with this homework problem, im not sure where i went wrong. Alexander Corporation reports the following components of stockholders' equity at
can someone help me with this homework problem, im not sure where i went wrong.
Alexander Corporation reports the following components of stockholders' equity at December 31, 2019 Common stock-\\$25 par value, 60,000 shares authorized, 36, 090 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders\" equity \\( \\begin{array}{r}\\$ 900,000 \\\\ 72,000 \\\\ 361,000 \\\\ \\hline \\$ 1,333,009 \\\\ \\hline\\end{array} \\) During 2020, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,6e0 shares of its own stock at \\( \\$ 25 \\) cash per share. January 7 Directors declared a \\( \\$ 1.50 \\) per share cash dividend payable on February 28 to the February 9 stockholders of record. February 28 paid the dividend declared on January 7. July 9 Sold 1,440 of 1 ts treasury shares at \\( \\$ 30 \\) cash per share. August 27 Sold 1 , Beo of its treasury shares at \\( \\$ 20 \\) cash per share. Septeaber 9 Directors declared a \\( \\$ 2 \\) per share cash dividend payable on October 22 to the September 23 stockholders of record. October 22 paid the dividend declared on September 9. December 31 Closed the \\$58, e0e credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December \\( 31,2020 \\). 3. Prepare the stockholders' equity section of the company's balance sheet as of December \\( 31,2020 \\). Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the company's balance sheet as of December 31,2020 . Note: Amounts to be deducted should be indicated by a minus sign Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started