Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 40,000

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 January 5 February 28 July 6 August 22 September 5 October 28 December 31 Required: Purchased 6,000 shares of its own stock at $20 cash per share. $ 800,000 70,000 460,000 $ 1,330,000 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 3,000 of its treasury shares at $24 cash per share. Sold 3,000 of its treasury shares at $16 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the purchase of 6,000 shares of its own common stock for $20 cash per share. Note: Enter debits before credits. Date January 02 General Journal Debit Credit 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. Date January 05 General Journal Debit Credit 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet 1 2 4 5 6 7 8 CO Record the payment of the cash dividend. Note: Enter debits before credits. Date February 28 General Journal Debit Credit 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 00 8 Record the reissue of 3,000 shares of the treasury stock for $24 cash per share. Note: Enter debits before credits. Date July 06 General Journal Debit Credit 1. Prepare journal entries to record each 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 S 0 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the reissue of 3,000 shares of the treasury stock for $16 cash per share. Note: Enter debits before credits. Date August 22 General Journal Debit Credit 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the dedaration of a cash dividend of $2 per share. Note: Enter debits before credits. Date September 05 General Journal Debit Credit 13 Prev 13 of 14 Next 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the payment of the cash dividend. Note: Enter debits before credits. Date October 28 8 General Journal Debit Credit D 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the entry to close the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Required: 1. Prepare journal entries to record each 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital 0 S 0 Total stockholders' equity Required 2 Required 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

More Books

Students also viewed these Accounting questions

Question

Is there any evidence that contradicts this statement?

Answered: 1 week ago

Question

L A -r- P[N]

Answered: 1 week ago

Question

Understand how "cause and effect" is established by experimentation

Answered: 1 week ago

Question

Learn the basic tools of psychological research

Answered: 1 week ago

Question

Why do we need scientific methods?

Answered: 1 week ago