Question: September 2008. Sep. 1 Issued 12,000 shares of $1 par value common stock for $82 per share. Sep. 2 Declared a 20 percent stock

Question: September 2008.\\nSep. 1 Issued 12,000 shares of $1 par value common stock for $82 per share.\\nSep. 2 Declared a 20 percent stock dividend. There were 42,000 shares of common stock outstanding trading at a market price of $84 per share.\\nSep. 12 Issued 4,200 shares of common stock in exchange for land valued at $368,000.\\nSep. 18

September 2008.\\nSep. 1 Issued 12,000 shares of

$1

par value common stock for

$82

per share.\\nSep. 2 Declared a 20 percent stock dividend. There were 42,000 shares of common stock outstanding trading at a market price of

$84

per share.\\nSep. 12 Issued 4,200 shares of common stock in exchange for land valued at

$368,000

.\\nSep. 18 Declared a

$160,200

cash dividend on common stock.\\nSep. 30 Distributed the stock dividend declared on September 2nd.\\n1\\nSep. 30 Paid the cash dividend declared on September 18th.\\nSaddlebrook Co.'s net income was

$118,400

in September, while the beginning balan in retained earnings account was

$812,200

.\\nRequired:\\nPrepare journal entries to record each of the transactions above for September 2008.\\nPrepare a statement of retained earnings for the month ending September 30, 2008.

 

September 2008. Sep. 1 Sep. 2 Sep. 12 Sep. 18 Sep. 30 Issued 12,000 shares of $1 par value common stock for $82 per share. Declared a 20 percent stock dividend. There were 42,000 shares of common stock outstanding trading at a market price of $84 per share. Issued 4,200 shares of common stock in exchange for land valued at $368,000. Declared a $160,200 cash dividend on common stock. Distributed the stock dividend declared on September 2nd. 1 Sep. 30 Paid the cash dividend declared on September 18th. Saddlebrook Co.'s net income was $118,400 in September, while the beginning balan in retained earnings account was $812,200. Required: 1. Prepare journal entries to record each of the transactions above for September 2008. 2. Prepare a statement of retained earnings for the month ending September 30, 2008.