Question
On January 1, 2020, Agassi Corporation had the following stockholders equity accounts. Common Stock ($10 par value, 70,000 shares issued and outstanding) $700,000 Paid-in Capital
On January 1, 2020, Agassi Corporation had the following stockholders equity accounts.
Common Stock ($10 par value, 70,000 shares issued and outstanding) | $700,000 | ||
Paid-in Capital in Excess of ParCommon Stock | 513,000 | ||
Retained Earnings | 617,000 |
During 2020, the following transactions occurred.
Jan. 15 | Declared and paid a $1.05 cash dividend per share to stockholders. | ||
Apr. 15 | Declared and paid a 10% stock dividend. The market price of the stock was $14 per share. | ||
May 15 | Reacquired 1,800 common shares at a market price of $16 per share. | ||
Nov. 15 | Reissued 900 shares held in treasury at a price of $18 per share. | ||
Dec. 31 | Determined that net income for the year was $360,000. |
(a1)
Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the 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.)
Date | Account Titles and Explanation | Debit | Credit |
Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 | |||
Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 | |||
Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 | |||
Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 | |||
Jan. 15, 2020Apr. 15, 2020May 15, 2020Nov. 15, 2020Dec. 31, 2020 | |||
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