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I just need part c. thanks On January 1, 2021, Munchies Corporation, a publicly traded company, had the following shareholders' equity accounts: During the year,
I just need part c. thanks
On January 1, 2021, Munchies Corporation, a publicly traded company, had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31 , payable February 15. Apr. 16 Declared a 10\% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15 , the share prices were $12,$11.80, and $11.90, respectively. Oct. 1 Effected a 2-for-1 stock split. On October 1 , the share price was $15. Dec. 31 Determined that net income for the year was $552,640. Closing entries: Open T accounts as required and post to the shareholders' equity accounts. (Post entries in the order presented in the question.) Stock Dividends Distributable \begin{tabular}{|l|l|l|r|} \hline May 15 & 58,080 & Apr. 16 \\ \hline & & Dec. 31 Bal. & 5,080 \\ \hline & & \\ \hline \end{tabular} Retained Earnings Accumulated Other Comprehensive Income Prepare a statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -A5 arununthnesen a 1A511 Prepare a statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Step by Step Solution
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