part c

on January 1, 2022, Metlock, Inc. had the following stockholders' equity accounts. $821.000 Common Stock ($10 par value, 82,100 shares Issued and outstanding) Paid in Capital in Excess of Par-Common Stock Retained Earnings 206,000 566,000 Jan 15 Feb. 15 During the year, the following transactions occurred. Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January 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 $16 per share. Issued the shares for the stock dividend, Announced a 2-for-1 stock split. The market price per share prior to the announcement was $13. (The new par value is Apr. 15 May 15 July 1 $5.) Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023, Determined that net income for the year was $290,000 Dec. 31 (a) Your Answer Correct Answer (Used) Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 82.100 Cash Dividends May No Entry Dec 1 V Cash Dividende 100373 Dividends Payable 13 Dec 317 Retained and 190472 Cash Dividende (To close cash dividends) Dec 31 7 Retained Earning 131360 Stock Dividends 13 (To cose stock dividends) Dec. 31 Income Summary 200.000 1313 Stock Dividende (To close stock dividends) come Dec 31 V 200.000 2900 Retired Earning (To cose net income) (6) Your awer is correct Enter the beginning balances and post the entries to the stockholders equity counts. Note Open dditional stockholders coucou seeded) Post entries in the orderentreprened in the question Common Stock Date Explanation Ref Debit Credit Balance 200 Int 2100 0100 May 15 Pald-in Capital in Excess of Per-Common Stock Date Explanation Rel. Debit Credi Balance 1 V Balance 49260 Aox 15 Retained Earnings Ret Explanation Debit Credit Balance Date lan 1 3 Dec 31 V Cash dividends 190472 donde Apr. 157 492.50 255260 Retained Earnings Date Explanation Ret Debit Credit Balance Jan 1 Balance 566000 Dec.31 Cash dividends 390472 375520 Dec. 31 Stock dividends 131340 244100 Dec. 31 Net income 200000 5310 Cash Dividends Date Explanation Rel. Debit Credit Balance Jan 15 2100 2100 Dec 17 10032 19472 Dec 31 110472 Stock Dividends Date Explanation Ref. Debit Credit Balance Am 15 13150 130 Dec 31 131340 Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Apr 15 2100 2100 May 19 2100 eTextbook and Media List of Accounts Attempts: 2 of 3 used (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive Information provided in the question Metlock, Inc. Balance Sheet (Partial > e Textbook and Media List of Accounts Sove for Later Attempts: 0 of 3used SA