ONLY NEED QUESTION 2&3 (last 2 pictures)
Context Corporation reports the following components of stockholders' equity on December 31, 2011
Context Corporation reports the following components of stockholders' equity on December 31, 2011. Common stock-$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $1,200,000 80,000 460,000 Total stockholders' equity $ 1,740,000 In year 2012, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share. Jan 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record Feb.28 Paid the dividend declared on January 5. July 6 Sold 1,875 of its treasury shares at $24 cash per share. Aug.22 Sold 3,125 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record 12 Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record, Oct 28 Paid the dividend declared on September 5. Dec 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. art 1 0 Required: 1. Prepare journal entries to record each of these transactions for 2012. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan 1 Treasury stock, common 100000 Cash 100000 son s 330000 Retained earings Common dividend payabile 330000 Feb 28 Common dividend payable 380000 July 6 45000 Cash Treasury stock, common Contributed capital, treasury stock 37500 7500 Aug. 22 Cash Contributed capital treasury stock Retained eaming Treasury stock, common 53125 7500 1875 62500 360000 Sept. 5 Retained earnings Common dividend payable 360000 360000 Oct 28 Common dividend payable Dec. 31 388000 Income summary Retained earnings 388000 2. Prepare a statement of retained earnings for the year ended December 31, 2012. (Amounts to be deducted should be indicated by a minus sign. Omit the "$" sign In your response.) :01 CONTEXT CORPORATION Statement of Retained Earnings For Year Ended December 31, 2012 Retained earnings, Dec. 31, 2011 Add: Net income $ 460000 388000 848000 Less: Treasury stock reissuances Less: Cash dividends declared Retained earnings, Dec 31, 2012 $ 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2012. (Omit the "$" sign in your response.) CONTEXT CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2012 Click to select) (Click to select) Total contributed capital Click to select) Total stockholders' equity $
