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P14-1B On January 1, 2012, Syed Corporation had the following stockholders' equity accounts. Common Stock ($5 par value, 200,000 shares issued and outstanding) $1,000,000 Paid-in

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P14-1B On January 1, 2012, Syed Corporation had the following stockholders' equity accounts. Common Stock ($5 par value, 200,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 840,000 During the year, the following transactions occurred. Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Jan. 15 Feb. Paid the dividend declared in January. 15 Apr. 15 Declared a 10 % stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $17. (The new par value is $2.50.) Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2013. Determined that net income for the year was $250,000. 31 Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a stockholders' equity section at December 31 P14-2B

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