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FINANCIAL ACCOUNT HELP PLEASE! Problem 11-8A (Part Level Submission) On January 1, 2017, Flint Corporation had these stockholders' equity accounts. $670,000 Common Stock ($10 par
FINANCIAL ACCOUNT HELP PLEASE!
Problem 11-8A (Part Level Submission) On January 1, 2017, Flint Corporation had these stockholders' equity accounts. $670,000 Common Stock ($10 par value, 67,000 shares issued and outstanding) 502,500 Paid-in Capital in Excess of Par Value Retained Earnings 620,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $13 per share. May 15 Issued the shares for the stock dividend Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2018 Dec. 31 Determined that net income for the year was $354,000Step by Step Solution
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