Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 1 The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2821 2020 Contributed capital: Cannon

image text in transcribedimage text in transcribed

Check my work 1 The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: 2821 2020 Contributed capital: Cannon shares, 56,200 shares authorized; 21,728 and 19,900 shares issued and outstanding, respectively. $417, 400 $386,000 Retained earnings 620,500 602,380 References The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.30 per share cash dividend was declared, and the date of record was five days later. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.40 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.88% share dividend was declared when the market value was $36.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later. Required: 1. How many shares were outstanding on each of the cash dividend dates? Jan. 5 Apr. 5 July 5 Oct. 5 Outstanding shares 2. How much profit did the company earn during 2021? Profit 1 2. How much profit did the company earn during 2021? Profit References 3. Prepare the statement of changes in equity for the year ended December 31, 2021. (Deductible values should be indicated by a minus sign.) KENTUCKY CORPORATION Statement of Changes in Equity For Year Ended December 31, 2021 Common Retained Shares Earnings Balance, January 1 Total Equity $ $ OOOO $ $ 0 $ 0 $ Balance, December 31 $ 0 0

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

Information Systems Control And Audit

Authors: Ron Weber

1st Edition

0139478701, 978-0139478703

More Books

Students also viewed these Accounting questions

Question

5-8 What are the advantages and disadvantages of the BYOD movement?

Answered: 1 week ago