Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The equity section from the December 3 1 , 2 0 2 0 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: 2 0

The equity section from the December 31,2020 balance sheet of Kentucky Corporation appeared as follows:
Contributed capital:
2021
2020
Common shares, 54,100 shares authorized; 23,040 and 21,300 shares
issued and outstanding, respectively.
$677,760$602,790
Retained earnings
521,900
476,900
The following transactions occurred during 2021(assume the retirements were the first ever recorded by Kentucky):
Jan. 5 A $1.40 per share cash dividend was declared, and the date of record was five days later.
Mar. 202,100 common shares were repurchased and retired at $28.30 per share.
Apr. 5 A $0.70 per share cash dividend was declared, and the date of record was five days later.
July 5 A $1.90 per share cash dividend was declared, and the date of record was five days later.
July 31 A 20.00% share dividend was declared when the market value was $35.00 per share.
Aug. 14 The share dividend was issued.
Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later.
Required:
How many shares were outstanding on each of the cash dividend dates?
How much profit did the company earn during 2021?
Prepare the statement of changes in equity for the year ended December 31,2021.(Deductible values should be indicated by a minus sign.)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting The Managerial Chapters

Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

11th Global Edition

1292105879, 978-1292105871

More Books

Students also viewed these Accounting questions

Question

The data set of calls received by a switchboard given in DS 6.1.6.

Answered: 1 week ago

Question

Explain how you would reduce stress at work.

Answered: 1 week ago