Common stock-$10 par value, 130,000 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. 1 Purchased 5,000- shares of its own stock at $23 cash per share. Jan. Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. 28 Paid the dividend declared on January 5 record July 6 Sold 1,900 of its treasury shares at $27 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on oetober 28 to the september 25 stockholders of Dec. 31 closed the $214,000 credit balance (trom net income) in the Income S record ces ct. 28 Paid the dividend declared on September s. Summary account to Retained Earnings. General Statement of Stockholders Impact on Requirement General Ledger | Trial Balance! uityEquity Stockholders Equity RE Prepare the Statement of Retained Earnings for Upperchurch Corporation for the year ended December 31, 2017 UPPERCHURCH CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained eamings, Dec. 31, 2017 Preu Common stock-$10 par value, 130,000 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. 1 Purchased 5,000, shares of its own stock at $23 cash per share. an 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 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 share. Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. 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. 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings Stockiolders Impact on Resuirement GeraGena ournal Ledger Trial Balance Statement of Stockholders Equity Prepare the stockholders' equity section of Upperchurch Corporation's balance sheet as of December 31, 2017 Dates: Jan 01 to: Dec 31 UPPERCHURCH CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity Dates. Jan O1 Impact on equity Total Stockholders' Equity-December 31, 2016 Jan. 1) Purchased 5,000 shares of its own stock at $23 cash per share Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 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 treasury 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 $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings
