Question
On January 1, 2018, Duffy Dog Corporation had 76,000 common shares, recorded at $653,000, and retained earnings of $1,044,000. During the year, the following transactions
On January 1, 2018, Duffy Dog Corporation had 76,000 common shares, recorded at $653,000, and retained earnings of $1,044,000. During the year, the following transactions occurred:
| Apr. | 2 | Issued 4,600 common shares at $20 per share. | |
| June | 15 | Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10. | |
| Aug. | 21 | Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. | |
| Nov. | 1 | Issued 2,900 common shares at $24 per share. | |
| Dec. | 20 | Declared a cash dividend of $0.40 per share to common shareholders of record on December 31, payable on January 10. |
Record the above transactions for 2018.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458
