GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Smith Corporation reports the following components of stockholders' equity on January 1. 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 earch During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend February 28 Paid the dividend declared on January 5. end July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement View transaction list General Journal

GL1101 (Algo) - Bosed on Problem 11-2A LO C3, P2, P3 Smith Corporation reports the following components of stockhoiders' equity on January 1 Common stock-\$10 par value, 110,000 shares authorized, 40, 003 shares issued and outstanding pald-in copital in excess of par value, common stock Retained earnings Total stockholders" equity During the year, the following transactions affected its stockholders equity accounts - January 2 purchased 4,000 shares of its own stock at $23 cash per share. January 5 . Directors declared a $2 per share cash dividend payoble on February 28 to the february 5 stockholders of record. February 28 paid the dividend declared on January 5. July 6 sold 2,000 of its treasury shares at $27 cash per share. August 22 sold 2 , 090 of 1 ts treasury shares at $19 cash per share. September 5 Directors declared o $2 per share cash dividend paysble on October 28 to the 5eptember25 stockholders of record. October 28 paid the dividend declared on septeaber 5. Decenber 31 Closed the $338,500 credit balance (from net income) in the Income Sumary account to Retained Farnings. During the year, the following transactions affected its stockholders' equity accounts: Prepare the necessary journal entries, If no journal entry is required, select "No journal entry required" in the first input box. Jusy b >01a 2 , vov or 10s treasury snares at 321 casn per snare. August 22 sold 2,000 of its treasury shares at $19 cash per share. september 5 oirectors declared a $2 per share cash dividend payable on october 28 to the 5 eptember 25 stockholders of record. October 28 paid the dividend declared ion September 5. December 31 Closed the $338,500 credit balance (from net incone) in the Income Sumary account to Retained Earnings. During the year, the following transactions affected its stockholders B equity accounts. Prepare the necessary journal entries, If no journal entry is required, select "No journal entry required" in the first input box. Journal entry worksheet 345678 Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Prepare the Statement of Retained Earnings for Smith Corporation for the year ended December 31 . Smith Corporation reports the following components of stockholders' equity on January 1. Common stock- $10 par value, 110,000 shares authorized, 40,000 shares issued and outstand Paid-in capital in excess of par value, common stock Retained earnings Total stockholders ' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 28 paid the dividend declared on January 5. July 6 sold 2,000 of its treasury shares at $27 cash per share. - August 22 sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the 5 e October 28 paid the dividend declared on September 5. December 31 closed the $338,500 credit balance (from net income) in the Income Summary acco Prepare the stockholders' equity section of Smith Corporation's balance sheet as of December 31 . Juzy 0 so10 $2, casn per snare. August 22 sold 2,000 of its treasury shares at $19 cash per share. Septenber 5 Directors declared a $2 per share cash dividend payabie on October 28 to the 5 eptember 25 stockholder5 October 28 Paid the dividend declared on Septenber 5. December 31 closed the $338,500 credit balance (from net income) in the Incone Sumary account to Retained Earning: 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