Problem 14-01A a-c (Video) On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 63,000 shares issued and outstanding) $1,512,000 Paid-in Capital in Excess of Par-Common Stock 204,000 Retained Earnings 648,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $40. Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $383,000. 31 Dec. 1 31 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 63000 Dividends Payable 630001 Mar. 1 Dividends Payable 63000 > cash 63000 Apr. 1 No Entry No Entry July 1 Stock Dividends 264600 > Common Stock Dividends Distributable 226800 Paid-in Capital in Excess of Par-Common Stock 37800 July 31 Common Stock Dividends Distributable 226800 > Common Stock 2268001 Dec. 1 Cash Dividends Dividends Payable > Dec. 31 Income Summary 383000 Retained Earnings 383000 (To close net income) > Dec. 31 Retained Earnings 264600 264600 Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings X Cash Dividends (To close cash dividends) 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 part.) Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 1512000 July 31 226800 1738800 Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance July 1 226800 226800 July 31 226800 0 Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 2040001 > July 1 37800 2418001 Retained Earnings Date Explanation Ref Debit Credit Balance Jan. 1 Balance 648000 Dec. 31 Net income 383000 1031000 > > Dec. 31 Stock dividend 264600 766400 x Dec. 31 Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Feb. 1 63000 63000 X Dec. 1 42840 105840 Dec. 31 105840 Stock Dividends Date Explanation Ref Debit Credit Balance July 1 264600 264600 Dec. 31 264600 Your answer is partially correct. Try again. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) IVANHOE CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1738800 Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 241800 Total Paid-in Capital 1980600 Retained Earnings 660560 Total Stockholders' Equity 2641160 Click if you would like to Show Work for this question: Open Show Work
