Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Having trouble completing this problem. Hope someone can help, thanks! Problem 11-04A a-c (Video) (Part Level Submission) On January 1, 2020, Cheyenne Corp. had the
Having trouble completing this problem. Hope someone can help, thanks!
Problem 11-04A a-c (Video) (Part Level Submission) On January 1, 2020, Cheyenne Corp. had the following stockholders' equity accounts. Common Stock ($22 par value, 60,500 shares issued and outstanding) Paid-in Capital in Excess of ParCommon Stock Retained Earnings $1,331,000 197,000 556,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $354,000. Palu-il Capildl II cxles UI Pdl -CUITIUIT SLUCK July 31 Common Stock Dividends Distributable 33100 Common Stock 33100 Dec. 1 Stock Dividends 53240 Dividends Payable 53240 Dec. 31 | Retained Earnings 354000 Stock Dividends 354000 (To close net income) Dec. 31 (To close stock dividends) Dec. 31 (To close cash dividends)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started