Problem 11-7A On January 1, 2019, Oriole Company had the following stockholders' equity accounts. Common Stock ($14 par value, 81,300 shares issued and outstanding) $1,138,200 Paid-in Capital in Excess of Par Value-Common Stock 220,000 Retained Earnings 596,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.00 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) Dec. 1 Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2020. Dec. 31 Determined that net income for the year was $280,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 # Cash Dividends 81300 Dividends Payable 81300 Feb. 15 - Dividends Payable 81300 Dec. 31 Retained Earnings 1,49,592 Cash Dividends 1,49,592 (To close stock dividends) Dec. 31 4 Retained Earnings 65040 65040 Stock dividend (To close net income) LINK TO TEXT LINK TO TEXT LINK TO TEXT Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous question.) Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 1,138,200 1,138,200 Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Paid-in Capital in Excess of Par Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Balance Cash dividends Stock dividends Net income Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit Balance LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a stockholders' equity section at December 31, 2019. (Enter the account name only and do not provide the descriptive information provided in the question.) Oriole Company Balance Sheet (Partial) Prepare a stockholders' equity section at December 31, 2019. (Enter the account name only a Oriole Company Balance Sheet (Partial)
