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 dividend. There were 42,000 shares of common stock outstanding trading at a market price of

$84

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

$368,000

.\ Sep. 18 Declared a

$160,200

cash dividend on common stock.\ Sep. 30 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:\ Prepare journal entries to record each of the transactions above for September 2008.\ Prepare a statement of retained earnings for the month ending September 30, 2008.

Sep. 1 Issued 12,000 shares of $1 par value common stock for $82 per share. Sep. 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. Sep. 12 Issued 4,200 shares of common stock in exchange for land valued at $368,000. Sep. 18 Declared a \$160,200 cash dividend on common stock. Sep. 30 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. Prenare a statement of retained earnings for the month ending September 30, 2008. Sep. 1 Issued 12,000 shares of $1 par value common stock for $82 per share. Sep. 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. Sep. 12 Issued 4,200 shares of common stock in exchange for land valued at $368,000. Sep. 18 Declared a \$160,200 cash dividend on common stock. Sep. 30 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. Prenare a statement of retained earnings for the month ending September 30, 2008