Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Culture Audit In Financial Services Reporting On Behaviour To Conduct Regulators

Authors: Dr Roger Miles

1st Edition

1789667755, 978-1789667752

More Books

Students also viewed these Accounting questions

Question

Describe how language reflects, builds on, and determines context?

Answered: 1 week ago