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Smith Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $27 cash per share. Aug 22 Sold 2,500 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 closed the $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. Journal entry worksheet 2 3 4 5 6 7 8 Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit Jan 02 000: No journal entry required 101: Cash 106: Accounts receivable Record er View general journal 126: Supplies X 1 Purchased 4,000 shares of its own stock at $23 cash per share. 2 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. 3 Paid the dividend declared on January 5. 4 Sold 1,500 of its treasury shares at $27 cash per share. 5 Sold 2,500 of its treasury shares at $20 cash per share. 6 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Note : = journal entry has been entered 7 Paid the dividend declared on September 5. 8 Closed the $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Note : 0 = journal entry has been entered Requirement General Journal General Ledger Trial Balance Statement of | Stockholders RE Equity Impact on Equity Prepare the Statement of Retained Earnings for Smith Corporation for the year ended December 31. SMITH CORPORATION Statement of Retained Earnings For Year Ended December 31 P $ 0 Trial Balance Stockholders Equity > Add: Cash dividends declared Add: Treasury stock reissuances Beginning retained earnings Ending retained earnings Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity Prepare the stockholders' equity section of Smith Corporation's balance sheet as of December 31. Dates: Jan 01 - to: Dec 31 SMITH CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 LLLLLLLLLLLLLLLLLLLLLLLLLLL Total contributed capital Total stockholders' equity $ 0 For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: Jan 01 to: Dec 31 Impact on equity $ Total Stockholders' Equity - January 1 Jan. 2) Purchased 4,000 shares of its own stock at $23 cash per share. Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28) Paid the dividend declared on January 5. Jul. 6) Sold 1,500 of its treasury shares at $27 cash per share. Aug. 22) Sold 2,500 of its treasury shares at $20 cash per share. Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28) Paid the dividend declared on September 5. Dec. 31) Closed the $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Stockholders' equity increased Stockholders' equity decreased Stock ty > No change in total equity
