Dade Company reports the following components of stockholders' equity on January 1 Cormon stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600, 880 90,000 500,000 $1,190,000 During the year, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 6,000 shares of its own stock at $23 cash per share Jan. 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 2,388 of its treasury shares at $27 cash per share. Aug 22 Sold 3,780 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. Dec. 31 Closed the $233,500 credit balance (from net income) in the Income Summary account to Retained Earnings. RE Requirement General General Statement of Stockholders Journal Trial Balance Impact on Ledger Equity Equity Prepare the Statement of Retained Earnings for Dade Corporation for the year ended December 31. DADE CORPORATION Statement of Retained Earnings For Year Ended December 31 0 $ ( Trial Balance Stockholders Equity> -- Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $233,508 credit balance (from net income) in the Income Sumary account to Retained Earnings Requirement General General Journal Statement of Stockholders Impact on Trial Balance Ledger RE Equity Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet to: Dec 31 Dates: Jan 01 5 Impact on equity Total Stockholders' Equity - January 1 Jan 2) Purchased 6,000 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 2,300 of its treasury shares at $27 cash per share Aug 22) Sold 3,700 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 Od: 28) Paid the dividend declared on September 5 Dec 31) Closed the $233,500 credit balance (from net income) in the Income Summary account to Retained Earings During the year, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 6,000 shares of its own stock at $23 cash per share. Jan. 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 2,300 of its treasury shares at $27 cash per share. Aug 22 Sold 3,700 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. Dec. 31 closed the $233, see credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General General Statement of stockholders Journal Impact on Trial Balance Ledger RE Equity Equity Prepare the stockholders' equity section of Dade Corporation's balance sheet as of December 31. Dates: Jan 01 DADE CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 to: Dec 31 Total contributed capital 0 Total stockholders' equity S 0 Statement of RE Impact on Equity>
