Dec192 1321 Solution: Journal Entries Date Debit Credit 115800 115800 115800 115800 01 173700 115800 57900 Account title and explaination Feb.01 Cash Dividend (57900*2) Dividend Payable (To record the declaration of cash dividend) Mar.01 Dividend Payable Cash (To record the payment of cash dividends) Apr.01 No Entry No Entry (No Journal entry require, only memo entry will be posted. Jul.01 Stock Dividend [(57900*2)*10% ]*15 Common Stock Dividends Distributable (11580)*(20/2) Paid-on Capital in excess of par value (To record the declaration of stock dividend) Jul.31 Common Stock Dividends Distributable Common Stock (17700*12) (To record the issuance of stock dividend) Dec.01 Cash Dividend [(57900*2)+11580] *0.40 Dividend Payable (To record the declaration of cash dividend) Dec.31 Income Summary Retained Earning (To close the net income) Dec.31 Retained Earning Stock Dividend (To close the stock dividend account) 115800 115800 50952 50952 345000 345000 173700 173700 Journal Entries Date Credit Debit 166752 Dec.31 Account title and explaination Retained Earning (115800+50952) Cash Dividends (To close the cash dividend account) 166752 (C) Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet (Partial) December 31, 2022 $ . $ Dec192 1321 Solution: Journal Entries Date Debit Credit 115800 115800 115800 115800 01 173700 115800 57900 Account title and explaination Feb.01 Cash Dividend (57900*2) Dividend Payable (To record the declaration of cash dividend) Mar.01 Dividend Payable Cash (To record the payment of cash dividends) Apr.01 No Entry No Entry (No Journal entry require, only memo entry will be posted. Jul.01 Stock Dividend [(57900*2)*10% ]*15 Common Stock Dividends Distributable (11580)*(20/2) Paid-on Capital in excess of par value (To record the declaration of stock dividend) Jul.31 Common Stock Dividends Distributable Common Stock (17700*12) (To record the issuance of stock dividend) Dec.01 Cash Dividend [(57900*2)+11580] *0.40 Dividend Payable (To record the declaration of cash dividend) Dec.31 Income Summary Retained Earning (To close the net income) Dec.31 Retained Earning Stock Dividend (To close the stock dividend account) 115800 115800 50952 50952 345000 345000 173700 173700 Journal Entries Date Credit Debit 166752 Dec.31 Account title and explaination Retained Earning (115800+50952) Cash Dividends (To close the cash dividend account) 166752 (C) Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet (Partial) December 31, 2022 $ . $