Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2022, Russell Stockholders' equity accounts are as follows: Common Stock $1 par (210,000 shares authorized, 145,000 shares issued) $145,000 PIC in Excess
On January 1, 2022, Russell Stockholders' equity accounts are as follows: Common Stock $1 par (210,000 shares authorized, 145,000 shares issued) $145,000 PIC in Excess par - Common Stock $300,000 Retained Earnings $850,000 Treasury Stock (5,000 shares at cost) $50,000 The following transactions occurred during the year: 1/25: Declared a cash dividend of $.50 per share on the common stock outstanding. 2/25: Paid the cash dividend that was previously declared on 1/25. 4/24: Issued 21,000 shares of common stock for $10.50 per share. 5/31: Reissued 2,000 shares of the treasury stock at $13 per share. Time left 1:57:09 9/15: The directors declared a 4% stock dividend to be distributed on 10/15. The market value is $30 per share on this date. 10/15: Distributed the Stock Dividend declared on 9/15. 11/17: Reissued the remaining 3,000 shares of treasury stock for $9 per share. 12/30: Declared a cash dividend of $.90 per share on the common stock outstanding. The dividend will be paid next year. 12/31: Closed the 82,000 credit balance of the income summary account. 12/31: Closed the dividends accounts. REQUIRED: 1. Complete the journal entries for the above transactions 2. Complete the statement of stockholders equity
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