Question 16

The following account balances were selected from the records of beverage maker Blake Corporation at December 31 after all adjusting entries were completed: Common stock (par $15; authorized 100,000 shares, fasued 31,000 shares, of which 1,200 shares are held as treasury stock) $465,000 Additional paid-in capital-common stock 176,000 Dividends 24,000 Retained earnings, beginning of year 22,000 Treasury stock at cost (1,200 shares) 24,000 Net income for the year was $42,000. Required: 1-a. Prepare the statement of retained earnings for the year ended December 31 1-b. Prepare the stockholders' equity section of the balance sheet at December 31 2. Determine the number of shares of stock that received dividends. Required: 1-a. Prepare the statement of retained earnings for the year ended December 31. 1-b. Prepare the stockholders' equity section of the balance sheet at December 31. 2. Determine the number of shares of stock that received dividends. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 Prepare the statement of retained earnings for the year ended December 31. BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 $ 72,000 Add: Net Income 42,000 Less: Dividends (24,000) Retained Earnings, December 31 $ 90,000 Req 1B > Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) BLAKE CORPORATION Balance Sheet (Excerpt) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total 0 Total Stockholders Equity $ 0 Net income for the year was $42,000, Required: 1-a. Prepare the statement of retained earnings for the year ended December 31 1-b. Prepare the stockholders' equity section of the balance sheet at December 31. 2. Determine the number of shares of stock that received dividends. Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Req2 Determine the number of shares of stock that received dividends. Number of Sharon