Porter Company reports the following components of stockholders' equity on December 31, 2016: 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 In year 2017, the following transactions affected its stockholders' equity accounts. Jan 1 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 $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings GeneralTrial Balance Ledger Statement of StockholdersImpact on Requirement General ournal RE Equity Equity Prepare the Statement of Retained Earnings for Porter Corporation for the year ended December 31, 2017. PORTER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 etained eamings, Dec. 31, 2016 $330,000 591,500 921,500 Net income Cash dividends declared Treasury stock reissuances etained eamings, Dec. 31, 2017 $ 921,500 Trial Balance Stockholders Equity Prepare the stockholders. equity section of Porter. Corporation's balance sheet as of December 31,2017, Dates: Jan 01 to: Dec 31 PORTER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Common stock $10 par value Paid-in capital in excess of par value, common stock Total contributed capital Retained eamings Total stockholders' equity S 400,000 400,000 S 400,000 Statement of RE Impact on Equity 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, 2017, as calculated, agrees with the amount reported on Dates: Jan 01 to Dec 31 Impact on equity Total Stockholders' Equity December 31, 2016 Jan. 1) 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. 8) Sold 1,500 of its treasury shares at 527 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 Dec. 31) Closed the $591,500 credit balance (from net income) in the Income Summary account to Retained Eamings
