Question
On January 1, 2022, Kingbird, Inc. had the following stockholders' equity accounts. Common Stock ($20 par value, 50,600 shares issued and outstanding) $1,012.000 Paid-in
On January 1, 2022, Kingbird, Inc. had the following stockholders' equity accounts. Common Stock ($20 par value, 50,600 shares issued and outstanding) $1,012.000 Paid-in Capital in Excess of Par-Common Stock Retained Earnings 205,000 636,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 July 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market pric of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $305,000.
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