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I am having trouble with calculating these last entries correctly. There is also some confusion with the date for an entry after Dec. 28. Please
I am having trouble with calculating these last entries correctly. There is also some confusion with the date for an entry after Dec. 28. Please just help me with completing the journal entries in the format I have listed, it will help me greatly if you write sny calculation also. Thank you
A Despons Accounts Journal Statement of Stockholders' Equity Stockholc Instructions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 2046, are as follows: $7,380,000 Common stock. $20 stated value (500,000 shares authorized, 369,000 shares issued) Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (23,300 shares, at cost) 848,700 33.497,000 419,400 The following selected transactions occurred during the year: Jan. Apr. 22 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $27.666. 10 issued 72,000 shares of common stock for $24 per share. 6 Sold all of the treasury stock for $26 per share. 5 Declared a 2% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share 15 issued the certificates for the dividend declared on July 5. 23 Purchased 30,000 shares of treasury stock for $20 per share. 28 Declared a $0.12-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Instructions Journal 1728.000.00 1,440,000.00 288,000.00 605,800.00 419400.00 186,400.00 Apr 10 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Jun 6 Cash Treasury Stock Paid In Capital from Sale of Treasury Stock ML5 Stock dividends Stock dividends Distributable Paid in Capital in Excess of Stated Value-Common Stock Aug. 15 Stock dividends Distributable Common Stock Nov.23 Treasury Stock 229.320.00 176.400.00 52,920.00 176,400.00 176,400.00 600,000.00 Cash 600.000.00 Dec. 28 Cash Dividends Cash Dividends Payable Cash Dividends Payable Cash Dec. 31 Retained Earnings Stock dividends Cash Dividends | Check My Work 176,400 60o,oco 0.02x (369,000+72,000 issued) x 26=229,320 - Augls stock Dividand Distributable. 176,400 commen Stock Nov.23 Treasumstock leoo, ooo Cash Dec. 28 Cash Divi I Cash Div. Panable. ? Date Cash Div. Payable Cash Divi 1 Dec.31 Retained Earnings Stock Dridends Cash Dividends Step by Step Solution
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