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Problem 14-01A a-c (Video) On January 1, 2020, Wildhorse Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 63,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,512,000 206,000 636,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $326,500. Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.) Credit Date Feb. 1 Account Titles and Explanation Cash Dividends T Dividends Payable 126000 Mar. 1 Dividends Payable cash No Entry 126000 Apri No Entry July 1 Stock Dividends T Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable 226800 July 31 common Stock Dividends Distributable T Common Stock Cash Dividends Dividends Payable TDec. 31 Income Summary Retained Earnings (To dlose net income) TDec. 31 Retained Earnings 264600 T Stock Dividends (To dose stock dividends) Retained Earnings Sec. 31 26 T Cash Dividends 264600 (To dlose cash dividends) Your answer is partially correct. Try again. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Debit Common Stock Date Explanation Ref Jan. 1 Balance Credit Balance 1512000 July 31 0011738800 Common Stock Dividends Distributable Date Explanation Ref Debit Balance July 1 226800 July 31 Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Jan. 1 Balance v Balance 206000 July 1 007 243800 Retained Earnings Date Explanation Ref Debit Balance Jan. 1 Balance 636000 Net income 962500 Dec. 31 Dec. 31 Stock dividend 1 264600 1 697900 Dec 31 Cash dividend T Cash Dividends Date Explanation Ref Debit Credit Balance Treb. 1 1126000 T T 126000 Dec. 1 Dec. 31 Stock Dividends Date Explanation Ref July 1 Dec. 31 LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) WILDHORSE CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock TAdditional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock T Total Paid-in Capital Retained Earnings Total Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT
