Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help please. Put in table format if possible, thank you. Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10

Help please. Put in table format if possible, thank you.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 450,000 70,000 370,000 $ 890,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 5,500 shares of its own stock at $20 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 2,063 of its treasury shares at $24 cash per share. 22 Sold 3,437 of its treasury shares at $17 cash per share. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. 1 Record the purchase of 5,500 shares of its own common stock for $20 cash per share. 2 Record the declaration of a cash dividend of $4 per share. 3 Record the payment of the cash dividend. 4 Record the reissue of 2,063 shares of the treasury stock for $24 cash per share. 5 Record the reissue of 3,437 shares of the treasury stock for $17 cash per share. 6 Record the declaration of a cash dividend of $4 per share. 7 Record the payment of the cash dividend. 8 Record the entry to close the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2019 Total contributed capital 0 Total stockholders' equity $ 0 KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2019 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, R. H. Parker

7th Edition

0273655833, 9780273655831

More Books

Students also viewed these Accounting questions

Question

How does automation help achieve manufacturing flexibility?

Answered: 1 week ago

Question

OUTCOME 4 Explain how labour relations differ around the world.

Answered: 1 week ago