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Prepare the journal entry necessary to record each event. Im stuck on the April 5- July 31 entires The equity sections from Stream Launch Group's
Prepare the journal entry necessary to record each event. Im stuck on the April 5- July 31 entires
The equity sections from Stream Launch Group's 2016 and 2017 year-end balance sheets follow qu Common stock-$10 par value, 130,000 shares authorized, 50, 000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $985,000 Stockholders' Equity (December 31, 2017) Common stock-$10 par value, 130, 000 shares authorized, 56, 370 shares issued, 4, 500 shares itn treasury Paid-in capital in excess of par value, common stock Retained earnings ($90, 000 restricted by treasury stock) $ 563, 700 151,440 740, 000 1, 455, 140 (90, 000) $1, 365, 140 Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during year 2017 Jan. 5 Declared a so.80 per share cash dividend, payable on January 10. following transactions and events affected its equity during year 2017 Jan. 5 Declared a s0.80 per share cash dividend, payable on January 10. Mar. 20 Purchased treasury stock for cash Apr. 5 Declared a $0.80 per share cash dividend, payable on April 10 July 5 Declared a $0.80 per share cash dividend, payable on July 10 July 31 Declared a 14% stock dividend when the stock's market value was $22 per share Aug. 14 Issued the stock dividend that was declared on July 31 oct. 5 Declared a s0.80 per share cash dividend, date of record October 10. Cash Requirement Journal Divide The following transactions and ev and then agree the year-end balances with the December 31, 2017 Stockholders' Equity statement given above ents affected its equity during 2017. Prepare the journal entry necessary to record each event, No Date Account Title Jan 05 Retained earnings 40,000 40,000 Cash 90,000 Apr 05 5 Apr 10 Common Cash 6 Jul 05 Retained eanings 7 Jul 10 Cash 8 Jul 31 Retained earnings 10 Oct 05 Retained earnings 41,496 41,496 11 Oct 10 Common dividend pavable 41496 Step by Step Solution
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