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pls do both (a)Journalize the transaction and closing entries for income and dividend (b) Prepare stockholders equity section Dec 31,2017( calculate retained earnings ending balance)
pls do both (a)Journalize the transaction and closing entries for income and dividend (b) Prepare stockholders equity section Dec 31,2017( calculate retained earnings ending balance)
Pre 214-4A on January 1, 2017. Ven Corporation had the following stockholders' equity accounts di (Total of Stockholder's Equity $2,218,250) Common Stock (no par value, 90.000 shares issued and outstanding) $1,600,000 Retained Earnings 500,000 During the year, the following transactions occurred. Feb 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1 Mar 1 Paid the dividend declared in February Ape 1 Announced a 3-for-1 stock split. Prior to the split, the market price per share July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $16 per share. 31 Issued the shares for the stock dividend. Dec 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2018. 31 Determined that net income for the year was $350.000 was $36. No data Instructions (a) Journalize the transactions & closing entries for income and dividends. (b) Prepare stockholder's equity section Dec 31, 2017 (calculate retained earnings ending balance)Step by Step Solution
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