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Please Help someone! Problem 11-8A On January 1, 2012, Cornell Corporation had these stockholders' equity accounts Common Stock ($10 par value, 74,100 shares issued and
Please Help someone!
Problem 11-8A On January 1, 2012, Cornell Corporation had these stockholders' equity accounts Common Stock ($10 par value, 74,100 shares issued and outstanding) $741,000 Paid-in Capital in Excess of Par Value Retained Earnings 509,500 675,100 During the year, the following transactions occurred the year Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 1 Feb. 15 Paid the dividend declared in January 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 Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2013 Dec. 31 Determined that net income for the year was $410,400 market price 15, the price of (a) Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit To close net income)Step by Step Solution
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