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Finish attempt ebook Print Question 5 Not yet werd Maried out of 5.00 Quesoon Retained Earnings: Transactions and Statement The stockholders equity of Cyclone Corporation at January 1 follows: 6 Percent preferred stock 125 par value. 40,000 shares authorized 25.000 shares issued and outstanding sez5 000 Common stock 35 par value 300.000 shares authorised 35.000 shares issued and outstanding 425.000 Paid in capital in excess of par value-Common stock 560.000 Retained earings 830,000 52440,000 Total Stockholders Equity The following transactions among others, occurred during the year June 18 Declared a 50 percent stock dividend on all outstanding shares of common Mock. The market value of the Mock was $15 per she July 1 Issued the stock dividend declared on June 18 Dec, 20 Declared the annual cash dividend on the preferred stock and a cash dividend of 1.30 peshare on the common stock, payable onary 20 to stockholders of record on December 23 Required a. Prepare journal entries to record the foregoing transactions General Journal Date Description Debit Credit Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Jun. 18 Debit $ Credit $ Declared stock dividend Jul 1 e e e Issued common shares as stock dividend Dec 20 e Dividends Payable - Common Stock Declared a cash dividend on preferred and common stock outstanding b. Prepare a statement of retained earnings. The net income for the year is $381,000. Do not use negative signs with your answers. CYCLONE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add: e $ Less: Stock Dividends Declared e 3 Previous e Save Answers