Retained Earnings: Transactions and Statement The stockholders' equity of Cyclone Corporation at January 1 follows: 6 Percent preferred stock, $25 par value, 50,000 shares authorized 30,000 shares issued and outstanding $750,000 Common stock, $5 par value, 300,000 shares authonzed 90,000 shares issued and outstanding 450.000 Paid-in capital in excess of par value-Common stock 560,000 Retained earnings 830,000 Total Stockholders' Equity $2,590,000 The following transactions, among others, occurred during the year: June 18 Declared a 50 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share. July 1 Issued the stock dividend declared on June 18. Des. 20 Declared the annual cash dividend on the preferred stock and a cash dividend of $1.30 per share on the common stock, payable on January 20 to stockholders of record on December 28 Required a. Prepare journal entries to record the foregoing transactions, Date General Journal Description Jun 18 Stock Dividends Stock Dividends Distributable Declared stock dividend Stock Dividends Distributable: Debit Credit 1 0x S 4 0 0x 0 Business Course Return to course Question 4 Partially correct Mark 2.07 out of 5.00 Rag question Retained Earnings: Transactions and Statement The stockholders' equity of Cyclone Corporation at january 1 follows: 6 Percent preferred stock, $25 par value, 50,000 shares authorized; 30,000 shares issued and outstanding $750,000 Common stock $5 par value, 300,000 shares authorized; 90,000 shares issued and outstanding 450,000 Paid-in capital in excess of par value-Common stock 560,000 Retained earnings 830,000 Total Stockholders' Equity $2,590,000 The following transactions, among others, occurred during the year: June 18 Declared a 50 percent stock dividend on all outstanding shares of common st July Dec. 20 Declared the annual cash dividend on the preferred stock and a cash dividen 1 Issued the stock dividend declared on June 18. Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Jun.18 Stock Dividends Stock Dividends Distributable 0 S O Jul1 Stock Dividends Distributable = Declared stock dividend. Common Stock Issued common shares as stock dividend. Dec.20 Cash Dividends Dividends Payable - Preferred Stock Dividends Payable Common Stock Declared a cash dividend on preferred and common stock outstanding b. Prepare a statement of retained earnings. The net income for the year General Journal Description Date Jun 18 Stock Dividends Stock Dividends Distributable Declared stock dividend MMT Stock Dividends Distributable Common Stock Issued common shares as stock dividend. Dec 20 Cash Dividends Dividends Payable-Preferred Stock Dividends Payable Common Stock 3 Debit Credit 0 0x 0~ 0~ 0x 0x 16 0x Declared a cash dividend on preferred and common stock outstanding b. Prepare a statement of retained earnings. The net income for the year is $380,000. Do not use negative signs with your answers. CYCLONE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add Net Income Les Cash Dividends Dis Stock Dividends Declared Retained Eamings, Dec 2 Check 0x 0x $ 0 b. Prepare a statement of retained earnings. The net income for the year is $380,000. Do not use negative signs with your answers. CYCLONE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add: Net Income $ 0 x 0x 0 x Less: Cash Dividends Di 0x Stock Dividends Declared 0x 0 x Retained Earnings, Dec $ 0 x Check Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Jun.18 Stock Dividends Stock Dividends Distributable Declared stock dividend. Jul.11 Stock Dividends Distributable Common Stock Issued common shares as stock dividend. Dec.20 Cash Dividends Dividends Payable - Preferred Stock $ Debit Credit 0 x $ 0 0x 0x 0x 0 x 0~ 0 0x 0 0x Dividends Payable - Common Stock Declared a cash dividend on preferred and common stock outstanding. b. Prepare a statement of retained earnings. The net income for the year is $380,000. Question 4 Partially correct Mark 207 00EUR J Retained Earnings: Transactions and Statement The stockholders' equity of Cyclone Corporation at January 1 follows: 6 Percent preferred stock, $25 par value, 50,000 shares authorized; 30,000 shares issued and outstanding $750,000 Common stock, $5 par value, 300,000 shares authorized: 90,000 shares issued and outstanding 450,000 Paid-in capital in excess of par value-Common stock 560,000 Retained earnings 830,000 Total Stockholders' Equity $2,590,000 The following transactions, among others, occurred during the year: June 18 Declared a 50 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share... July 1 Issued the stock dividend declared on June 18. Dec. 20 Declared the annual cash dividend on the preferred stock and a cash dividend of $1.30 per share on the common stock, payable om The stockholders' equity of Cyclone Corporation at January 1 follows: 6 Percent preferred stock. $25 par value, 50.000 shares authorized 30.000 shares issued and outstanding $750,000 Common stock, $5 par value, 300.000 shares authorized: 90,000 shares issued and outstanding 450.000 Paid-in capital in excess of par value-Common stock 560,000 830,000 $2.590,000 Retained earnings Total Stockholders' Equity The following transactions, among others, occurred during the year: June 18 Declared a 50 percent stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share July 1 Issued the stock dividend declared on June 18 Dec. 20 Declared the annual cash dividend on the preferred stock and a cash dividend of $1.30 per share on the common stock, payable on January 20 to stockholders of record on December 2 Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Jun 18 Stock Dividends Stock Dividends Distributable Jul 1 Stock Dividends Distributable Declared stock dividend. Common Stock ed common shares as stock dividend. = v Debit Credit 0x 0 x 0 + 0 0% ax