On January 1, 2017, Monty Corp had these stockholders equity accounts Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid in Capital in Excess of Par Value 523,000 Retained Earnings 620,000 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 $14 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 $355,000 (a) Journalize the transactions (Include entries to close net income and dividends to Retained Earnings ) (Record entries in the order displayed in the problem statement 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 0 for the amounts )

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Posted on Sep 02, 2024

On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid-in Capital in

On January 1, 2017, Monty Corp. had these stockholders equity accounts.

Common Stock ($10 par value, 75,000 shares issued and outstanding)		$750,000
Paid-in Capital in Excess of Par Value		523,000
Retained Earnings		620,000

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 $14 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 $355,000.

(a)

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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 0 for the amounts.)