Question
How do I solve part A - D? On January 1, 2020, Crane Corporation had the following stockholders' equity accounts. Common Stock (no par value,87,000
How do I solve part A - D?
On January 1, 2020, Crane Corporation had the following stockholders' equity accounts.
Common Stock (no par value,87,000 shares issued and outstanding) $1,385,000
Retained Earnings 544,000
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 3-for-1 stock split. Prior to the split, the market price per share was $40.
July 1 Declared a5% stock dividend to stockholders of record on July 15, distributed July 31. On July 1, the market price of the stock was $10 per share.
July 31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.90 per share dividend to stockholders of record on December 15, payable January 5, 2021.
Dec. 31 Determined that net income for the year was $393,000.
Part A:
What is the stockholders' equity section of the balance sheet on March 31?
Part B:
What is the stockholders' equity section of the balance sheet on June 30?
Part C:
What is the stockholders' equity section of the balance sheet on September 30?
Part D:
What is the stockholders' equity section of the balance sheet on December 31, 2020?
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