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GL1101 Based on Problem 11-2A LO C3, P2, P3 OnPoint Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 500,000 75,000 410,000 $985,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,000 shares of its own stock at $23 cash per share 5 Directors declared a $2 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 1,900 of its treasury shares at $27 cash per share. 22 Sold 3,100 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Jan. Jan. Feb. July Aug Sept record. 28 Paid the dividend declared on September 5 31 closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings Oct. Dec. Answer is not complete. General Ledger General Statement of Stockholders Impact on Trial Balance Requirement Journal Equity RE Equity In vear 2017, the followina transactions affected its stockholders equity accounts, Prepare the necessary iournal entries. If In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 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 1,900 of its treasury shares at $27 cash per share. 22 Sold 3,100 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record 28 Paid the dividend de ared on September 5. Jan. Jan. Feb July Aug Sept Oct Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Dec Answer is not complete. General Journal Stockholders Equity Impact on Equity General Statement of RE Trial Balance Requirement Ledger Prepare the Statement of Retained Earnings for OnPoint Corporation for the year ended December 31, 2017. ONPOINT CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 $ 0 1 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 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 1,900 of its treasury shares at $27 cash per share. 22 Sold 3,100 of its treasury shares at $20 cash per share 5 Directors declared a $2 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 $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Jan. Jan. Feb July Aug. Sept Oct. Dec. Answer is not complete. General Ledger Stockholders Equity Impact on Equity General Journal Statement of Trial Balance Requirement RE Prepare the stockholders' equity section of OnPoint Corporation's balance sheet as of December 31, 2017. Dates: Jan 01 to: Dec 31 ONPOINT CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital 0 Total stockholders' equity Statement of RE Impact on Equity No Date Account Title Debit Credit Jan 01 115,000 1 Treasury stock, Common Cash 115,000 Retained earnings 90,000 2 Jan 05 90,000 Common dividend payable Feb 28 90,000 3 Common dividend payable Cash 90,000 Jul 06 51,300 4 Cash Treasury stock, Common 43,700 Paid-in capital, Treasury stock 7,600 Cash 5 Aug 22 62,000 Paid-in capital, Treasury stock 7,600 69,600 x Retained ea 6 Retained earnings Sep 05 100,000 Common dividend payable 100,000 Oct 28 Common dividend payable 7 100,000 Cash 100,000 D--n L
