Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please solve this On December 31, 2020, Ivanhoe Corporation had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2020

image text in transcribed

image text in transcribed

can you please solve this

On December 31, 2020, Ivanhoe Corporation had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1.052,000 550,000 $1,602,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15, July 1 Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $12. Dec 15 Declared a 15% stock dividend to shareholders of record on December 30 distributable on January 15. On December 15, the market price of each share was $6; on December 30.57; and on January 15. $6. 31 Determined that profit before income tax for the year was $451,000. The company has a 35% income tax rate. Journalize the transactions and closing entries for 2021. (Credit account titles are automatically indented when the amounts entered. Do not indent manually. If no entry is required, select "No Entry for the accounts and amounts. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit (To record declaration of cash dividend) To record payment of dividend.) July 1 Memo: 2-for-1 stock split increases the number of shares to To record declaration of Stock dividend] (To close Income Summary) (To close dividends to retained earnings)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Accounting Auditing Concepts Internal Auditing And Guiding

Authors: Bertram Bessette

1st Edition

B09PMFWVSJ, 979-8796265253

More Books

Students also viewed these Accounting questions

Question

a. Describe the encounter. What made it intercultural?

Answered: 1 week ago