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Problem 11-2B Cash dividends, treasury stock, and statement of retained earnings [ C3 () P3 Balthus Corp. reports the following components of stockholders' equity at December 31 of the prior year. It completed the following transactions related to stockholders' equity during the current year. Jan. 10 Purchased 40.000 shares of its own stock at $12 cash per share. Mar. 2 Directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 stockholders of record. Mar. 31 Paid the dividend declared on March 2. Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share. Nov. 25 Sold 16,000 of its treasury shares at $10.50 cash per share. Vvar. 1 Tald the arvaend deciared on varen 2 . Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share. Nov, 25 Sold 16,000 of its treasury shares at $10.50 cash per share. Dec. 1 Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record. Dec. 31 Closed the $1,072,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record cach of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. \begin{tabular}{|l|c} 37 & Common Dividend Payable \\ \hline 38 & Declared common dividend (200,000$2.50) \end{tabular} 39 41 Dec. 31 Income Summary 42 Retained Earnings 43 Closed Income Summary account \begin{tabular}{|r|r|r|r|r|r|} \hline \multicolumn{3}{|c|}{ Treasury Stock } & \multicolumn{3}{c|}{ Paid-in Capital, Treasury Stock } \\ \hline Jan,10 & 0 & 0 & Nov, 11 Nov. 25 & 0 & 0 \\ \hline & 0 & & & \\ \hline \end{tabular} The only things we did were: 1. Buy and sell treasury stock 2. Declare and pay dividends - Dividends from 12/1 were not paid this year * No new common stock was issued BALTHUS CORPORATION Stockholder's Equity Section of Balance Sheet December 31, 2022 Common stock - $1 par value, 320,000 shares authorized, 200,000 shares issued and outstanding given 20 Paid-in capital 'in excess of par value, common stock given 22 Retained earnings 0 above Total liabilities and equity 26 27 Problem 11-2B Cash dividends, treasury stock, and statement of retained earnings [ C3 () P3 Balthus Corp. reports the following components of stockholders' equity at December 31 of the prior year. It completed the following transactions related to stockholders' equity during the current year. Jan. 10 Purchased 40.000 shares of its own stock at $12 cash per share. Mar. 2 Directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 stockholders of record. Mar. 31 Paid the dividend declared on March 2. Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share. Nov. 25 Sold 16,000 of its treasury shares at $10.50 cash per share. Vvar. 1 Tald the arvaend deciared on varen 2 . Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share. Nov, 25 Sold 16,000 of its treasury shares at $10.50 cash per share. Dec. 1 Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record. Dec. 31 Closed the $1,072,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record cach of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. \begin{tabular}{|l|c} 37 & Common Dividend Payable \\ \hline 38 & Declared common dividend (200,000$2.50) \end{tabular} 39 41 Dec. 31 Income Summary 42 Retained Earnings 43 Closed Income Summary account \begin{tabular}{|r|r|r|r|r|r|} \hline \multicolumn{3}{|c|}{ Treasury Stock } & \multicolumn{3}{c|}{ Paid-in Capital, Treasury Stock } \\ \hline Jan,10 & 0 & 0 & Nov, 11 Nov. 25 & 0 & 0 \\ \hline & 0 & & & \\ \hline \end{tabular} The only things we did were: 1. Buy and sell treasury stock 2. Declare and pay dividends - Dividends from 12/1 were not paid this year * No new common stock was issued BALTHUS CORPORATION Stockholder's Equity Section of Balance Sheet December 31, 2022 Common stock - $1 par value, 320,000 shares authorized, 200,000 shares issued and outstanding given 20 Paid-in capital 'in excess of par value, common stock given 22 Retained earnings 0 above Total liabilities and equity 26 27