Question
The equity sections for Twinings Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity
The equity sections for Twinings Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$8 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 Stockholders' Equity (December 31). Common stock-$8 par value, 120,000 shares authorized, 57,200 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($80,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $1.00 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $1.00 per share cash dividend, payable on April 10. July 5 Declared a $1.00 per share cash dividend, payable on July 10. July 31 Declared a 16% stock dividend when the stock's market value was $18 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $1.00 per share cash dividend, date of record October 10. $ 457 132 590 1,179 (80) $ 1,099
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started