Context Corporation reports the following components of stockholders' equity on December 31, 2011. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 900,000 80,000 400,000 Total stockholders' equity $1,380,000 In year 2012, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb.28 Paid the dividend declared on January 5. July 6 Sold 2,250 of its treasury shares at $29 cash per share. Aug.22 Sold 3,750 of its treasury shares at $22 cash per share. Sept Directors declare a $6 per sha 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2012. (Omit the "$" sign in your response.) Date Debit Credit Jan. 1 General Journal (Click to select) (Click to select) Jan. 5 (Click to select) (Click to select) 4 Feb.28 (Click to select) (Click to select) 2 July 6 (Click to select) (Click to select) (Click to select) Aug. 22 4 4. (Click to select) (Click to select) (Click to select) (Click to select) A A Sept. 5 Oct.21 (Click to select) Click to colect (Click to select) Cash Goodwill Income summary Retained earnings Accounts payable Contributed capital, treasury stock Treasury stock, common Common dividend payable Il Dec. 3 Context Corporation reports the following components of stockholders' equity on December 31, 2011. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 900,000 80,000 400,000 Total stockholders' equity $1,380,000 In year 2012, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb.28 Paid the dividend declared on January 5. July 6 Sold 2,250 of its treasury shares at $29 cash per share. Aug.22 Sold 3,750 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $6 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2012. (Omit the "$" sign in your response.) Date Debit Credit Jan. 1 General Journal (Click to select) (Click to select) 4 Jan. 5 - (Click to select) (Click to select) Feb.28 (Click to select) (Click to select) 10 July 6 (Click to select) (Click to select) (Click to select) Aug.22 (Click to select) (Click to select) (Click to select) (Click to select) Sept. 5 (Click to select) (Click to select) Oct.28 (Click to select) (Click to select) Dec. 31 1 (Click to select) (Click to select)
