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its one question with multiple parts Austin Company reports the following components of stockholders' equity at December 31, 2019, Common stock-$10 par value. 110,000 shares
its one question with multiple parts
Austin Company reports the following components of stockholders' equity at December 31, 2019, Common stock-$10 par value. 110,000 shares authorized 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $400,000 60,000 330,000 $ 790,000 During 2020, the following transactions affected its stockholders' equity accounts. 2 Purchased 4,000 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. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $27 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $20 cash per share. Sept. 5 Directors declared $2 per share cash dividend payable on Sctober 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 closed the $497,000 credit balance (trom net income) in the Income Summary account to Retained Warnings. Journal entry worksheet Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits Date Debit Credit Account Title Treasury stock, Common Jan 02 Record entry Clear entry View general Journal Journal entry worksheet Sold 1,500 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jul 06 Record entry Clear entry View general Journal Journal entry worksheet Sold 2,500 of its treasury shares at $20 cash per share. Note: Enter debits before credits Date Account Title Debit Credit Aug 22 Record entry Clear entry View general Journal Journal entry worksheet Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Note: Enter debits before credits Date Account Title Debit Credit Sep 05 Record entry Clear entry View general journal Journal entry worksheet 7 8 Paid the dividend declared on September 5. Note: Enter debits before credits. Debit Account Title Date Credit Oct 28 View general Journal Record entry Clear entry Journal entry worksheet Step by Step Solution
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