GL 1301 - Based on Problem 13-2A LO C3, P2, P3 Ontario Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,000 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 1,500 of its treasury shares at $27 cash per share. Aug. 22 Sold 2,500 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 $444,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity General Journal tab - Prepare the necessary journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Ontario Corporation for the year ended December 31, 2017. Stockholders' Equity tab - Prepare the Stockholders' equity section of Ontario Corporation's December 31, 2017 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. Juullidl eiii y WUIKSIE 2 3 4 5 6 7 8 Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date Jan 01 Record entry Clear entry View general journal Journal entry worksheet Requirement General Journal General Ledger 3 Statement of Trial Balance RE Stockholders || Equity Impact on Equity Prepare the Statement of Retained Earnings for Ontario Corporation for the year ended December 31, 2017. ONTARIO CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Statement of Requirement General Journal General Ledger Trial Balance Stockholders Equity Impact on Equity RE Prepare the stockholders' equity section of Ontario Corporation's balance sheet as of December 31, 2017. Dates: Jan 01 to: Dec 31 ONTARIO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity to Dec 31 Dates: Jan 01 - to: Dec 31 Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 4,000 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 1,500 of its treasury shares at $27 cash per share. Aug. 22) Sold 2,500 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 $444,000 credit balance (from net income) in the Income Summary account to Retained Earnings. GL 1301 - Based on Problem 13-2A LO C3, P2, P3 Ontario Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,000 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 1,500 of its treasury shares at $27 cash per share. Aug. 22 Sold 2,500 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 $444,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity General Journal tab - Prepare the necessary journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Ontario Corporation for the year ended December 31, 2017. Stockholders' Equity tab - Prepare the Stockholders' equity section of Ontario Corporation's December 31, 2017 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. Juullidl eiii y WUIKSIE 2 3 4 5 6 7 8 Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date Jan 01 Record entry Clear entry View general journal Journal entry worksheet Requirement General Journal General Ledger 3 Statement of Trial Balance RE Stockholders || Equity Impact on Equity Prepare the Statement of Retained Earnings for Ontario Corporation for the year ended December 31, 2017. ONTARIO CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Statement of Requirement General Journal General Ledger Trial Balance Stockholders Equity Impact on Equity RE Prepare the stockholders' equity section of Ontario Corporation's balance sheet as of December 31, 2017. Dates: Jan 01 to: Dec 31 ONTARIO CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity to Dec 31 Dates: Jan 01 - to: Dec 31 Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 4,000 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 1,500 of its treasury shares at $27 cash per share. Aug. 22) Sold 2,500 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 $444,000 credit balance (from net income) in the Income Summary account to Retained Earnings