Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Progress On January 1, 2020, Tamarisk SpA had the following equity accounts 1.500.000 Share Capital-Ordinary (25 par value, 60.000 shares issued and outstanding) Share Premium-Ordinary

image text in transcribed
image text in transcribed
Progress On January 1, 2020, Tamarisk SpA had the following equity accounts 1.500.000 Share Capital-Ordinary (25 par value, 60.000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings 215,000 675.000 During the year, the following transactions occurred, Feb. 1 Declared a 1 cash dividend per share to shareholders of record on February 15, yable March Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 5-for 1 stare split. Prior to the split, the market price per she was 3. July 1 Declared a 10% sure dividend to shareholders of record on July 15.distributable July 31. Only the market price was 7 per share Ia 31 Issued the shares for the share dividend. Dec 1 Declared a 0.40 per share dividend to shareholders of record on December 15, payable January 3 2021 Determined that net income for the year was 350,000 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 for the amounts.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Text And Cases

Authors: Robert Anthony, James S. Reece, Kenn Merchant, David Hawkins

11th International Edition

0071232265, 978-0071232265

More Books

Students also viewed these Accounting questions

Question

Understand the primary objectives of performance appraisals

Answered: 1 week ago