Question
The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 51,600 shares authorized; 23,880
The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: Contributed capital: Common shares, 51,600 shares authorized; 23,880 and 21,700 shares issued and outstanding, respectively. Retained earnings 2021 2020 $591,030 $470,890 531,900 615,500 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Mar. 20 1,800 common shares were repurchased and retired at $21.70 per share. Apr. 5 A $1.10 per share cash dividend was declared, and the date of record was five days later. July 5 A $2.00 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 $40.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.90 per share cash dividend was declared, and the date of record was five days later.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started