Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Only need help with the last photo, thanks! Problem 11-04A a-c (Video) (Part Level Submission) On January 1, 2020, Cheyenne Corp. had the following stockholders'
Only need help with the last photo, thanks!
Problem 11-04A a-c (Video) (Part Level Submission) On January 1, 2020, Cheyenne Corp. had the following stockholders' equity accounts. Common Stock ($22 par value, 60,500 shares issued and outstanding) Paid-in Capital in Excess of ParCommon Stock Retained Earnings $1,331,000 197,000 556,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $354,000. Palu-il Capildl II cxles UI Pdl -CUITIUIT SLUCK July 31 Common Stock Dividends Distributable 33100 Common Stock 33100 Dec. 1 Stock Dividends 53240 Dividends Payable 53240 Dec. 31 | Retained Earnings 354000 Stock Dividends 354000 (To close net income) Dec. 31 (To close stock dividends) Dec. 31 (To close cash dividends) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.) Common Stock Retained Earning Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable Cash Dividends Stock DividendsStep 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