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On January 1, 2018, Marx Corporation, a publicly traded company, had these shareholders equity accounts: Common shares (unlimited number of shares authorized, 233,000 shares issued)
On January 1, 2018, Marx Corporation, a publicly traded company, had these shareholders equity accounts:
Common shares (unlimited number of shares authorized, 233,000 shares issued) | $2,330,000 | ||
Retained earnings | 1,125,000 | ||
Accumulated other comprehensive income | 123,000 |
During the year, the following transactions occurred:
Jan. | 15 | Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. | |
Apr. | 16 | Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $16, $14.50, and $15, respectively. | |
Oct. | 1 | Effected a 2-for-1 stock split. On October 1, the share price was $18. | |
Dec. | 31 | Determined that net income for the year was $692,000. Record the above transactions, including any required entries to close dividends and net income. |
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