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Please help! the journal entries are wrong as well. Only theyre numbers. Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3,
Please help! the journal entries are wrong as well. Only theyre numbers.
Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 The following information applies to the questions displayed below.) Kohler Corporation reports the following components of stockholders' equity on December 31, 2013: Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and nc 600,000 outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,090,000 In year 2014, the following transactions affected its stockholders' equity accounts. Jan. Jan. 1 5 Purchased 5,500 shares of its own stock at $20 cash per share. Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5 July 6 Sold 2,063 of its treasury shares at $24 cash per share. Aug. 22 Sold 3,437 of its treasury shares at $17 cash per share. Sept 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. 28 Dec. 31Step by Step Solution
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