Question
On January 1, 2017, Bramble Corp. had these stockholders equity accounts. Common Stock ($10 par value, 87,500 shares issued and outstanding) $875,000 Paid-in Capital in
On January 1, 2017, Bramble Corp. had these stockholders equity accounts. Common Stock ($10 par value, 87,500 shares issued and outstanding) $875,000 Paid-in Capital in Excess of Par Value 522,000 Retained Earnings 680,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 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 $12 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Dec. 31 Determined that net income for the year was $375,000.
Journalize the transactions.
Thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started