I need Part C Answered.
Problem 11-8A (Part Level Submission) On January 1, 2017, Novak Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 87,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $870,000 483,500 690,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $387,000. (a) Your answer is correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem sta amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 Cash Dividends 34,800||| Dividends Payable 34,800 Feb. 15 Dividends Payable In 34,800|| Cash 34,800 Apr. 15 Stock Dividends Common Stock Dividends Distributable 87,000 Paid-in Capital in Excess of Par Value-Common St T 52,200 May 15 Common Stock Dividends Distributable Common Stock 87,000 Dec. 1 TCash Dividends 2020202020202 T Dividends Payable 47,850 Dec, 31 | Income Summary 387,000 387,000 Retained Earnings (To close net income) Dec. 31 Retained Earnings i 139200 Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Click if you would like to Show Work for this question: Open Show Work (b) Your answer is partially correct. Try again. Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part. be the balance date and zero for the amount.) Common Stock 1/1 Bal. 870,000 5/15 | 87,000 1 957,000 12/31 Bal. Retained Earnings 12/ 139,200 || 1/1 Bal. 690,000 DI 12/31 82,650 || 12/31 387,000 855,150 12/31 Bal. T Paid-in Capital in Excess of Par Value 1/1 Bal. 483,500 4/15 52,200 | 535,700 12/31 Bal. Cash Dividends 82,650 11/15 12/ 1 T12/31 Bal. 2 34,800 12/31 bal . V 47,850 CD 7 7 47,850 Common Stock Dividends Distributable 5/15 87,000 4/15 87,000 T 0 IT 12/31 Bal. 1 Stock Dividends 139,200 || 12/31 T4/15 1 T 139,200 12/31 Bal. V Click if you would like to Show Work for this question: Open Show Work Prepare the stockholders' equity section of the balance sheet at December 31. NOVAK CORP. Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 87,000 Total Capital Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Total Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work
