Question
Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year. Common stock$25 par value, 100,000 shares authorized, 60,000 shares
Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year. Common stock$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,500,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 430,000 Total stockholders' equity $ 1,990,000
Common stock$25 par value, 100,000 shares authorized, 0,000 shares issued and outstanding$1,000,000Paid-in capital in excess of par value, common stock670,000Retained earnings430,000Total stockholders' equity$1,990,000During the current year, the following transactions affected its stockholders equity accounts.
January 2 Purchased 4,000 shares of its own stock at $20 cash per share.
January 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record.
February 28 Paid the dividend declared on January 5.
July 6 Sold 2,000 of its treasury shares at $24 cash per share.
August 22 Sold 2,000 of its treasury shares at $16 cash per share.
September 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record.
October 28 Paid the dividend declared on September 5.
December 31 Closed the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Jan.1Purchased 4,000 shares of its own stock at $20 cash per share.Jan.5Directors declared a $ per share cash dividend payable on February 28 to the February 5 stockholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 2,000 of its treasury shares at $24 cash per share.Aug.22Sold 2,000 of its treasury shares at $16 cash per share.Sept.5Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record.Oct.28Paid the dividend declared on September 5.Dec.31Closed the $428,000 credit balance (from net income) in the Income Summary account to Retained EarningsStep by Step Solution
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