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Please help correct the boxes that are marked in the color red On January 1, 2019, Cheyenne Corp. had the following stockholders' equity accounts. Common
Please help correct the boxes that are marked in the color red
On January 1, 2019, Cheyenne Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 83,800 shares issued and outstanding) $1,005,600 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 201,000 566,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.12 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% 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. uly 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Dec. 1 Declared a $0.90 per share cash dividend to stockholders of record on December 15, payable January 10, 2020. Dec. 31 Determined that net income for the year was $240,000. Cash Dividends 93856 Jan. 15 Dividends Payable 93856 Dividends Payable 93856 Feb. 15Dividends Payable 93856 Cash 93856 Apr. 15 Stock Dividends 62850 Common Stock Dividends Distributable 50280 Paid-in Capital in Excess of Par-Common Stock 12570 Common Stock Dividends Distributable May 15 50280 Common Stock 50280 July 1 No Entry 0 No Entry Dec. 1 Cash Dividends 158382 Dividends Payable 158382 Retained Earnings 252238 Dec. 31 Cash Dividends (To close cash dividends) Retained Earnings 252238 Dec. 31 62850 Stock Dividends (To close stock dividends) Income Summary 62850 Dec. 31 240000 Retained Earnings 240000 (To close net income) Enter the beginning balances, and post the entries to the stockholders equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous question) Common Stock Date Debit Credit Balance an. 1 1005600 May 15 50280 1055 k Dividends Distrib Date Apr. 15 5028 502 May 15 50280 Paid-in Capital in Excess of Par Stock Date Explanation Ref Balance an. 1 20100 Apr. 15 1257 213570 Retained Earnings Ref Explanation Debit Credit Balance Date Balance Jan. 1 566000 Cash dividends Dec. 31 252238 313762 Stock dividends Dec. 31 250912 62850 Net income 490912 Dec. 31 240000 Cash Dividends Date Explanation Debit Credit Balance 93856 93856 Jan. 15 64526 Dec. 1 158382 Dec. 1 252238 Stock Dividends Date Explanation Ref Debit Credit Balance 62850 Apr. 15 62850 May 15 50280 12570Step by Step Solution
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