Question 2 Not yet answered Marked out of 7.00 P Flag question Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Kinney Company at December 31, 2011, is shown below. 5% preferred stock, 5100 par value, 12,000 shares authorized: 5,000 shares issued and outstanding $500,000 Common stock, 55 par value, 400,000 shares authorized: 100,000 shares issued and outstanding 500,000 Paid-in capital in excess of par value-preferred stock 40,000 Paid-in capital in excess of par value-common stock 600,000 Retained earnings 656,000 Total stockholders' equity $2,296,000 Support The following transactions, among others, occurred during 2012: Apr. 1 Declared and issued a 100% stock dividend on all outstanding shares of common stock. The market value of the stock was $11 per share. Dec. 7 Declared and issued a 39 stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share. Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 80 cents per common share. (a) Use the financial statement effects template to indicate the effects of these separate transactions. DUSHICCOUISE My juusLTIPLINS Uyici per share. Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 80 cents per common (a) Use the financial statement effects template to indicate the effects of these separate transactions. Use negative signs with your answers, when appropriate. Balance Sheet Income Statement Contributed Earned Transaction Cash Asset + Noncash Assets - Liabilities + Capital + Capital Revenue - Expenses - Apr. 1 Dec. 7 -25000 Net Income Dec. 20 (b) Compute retained earnings for 2012 assuming that the company reports 2012 net income of $253,000. Previous Save Answers Nex