18% 16 PM Wed Jan 22 C14 #1 Weygandt, Accounting Principles, 13e Hele I System Announcements NEXT BACK CALCULATOR PRINTER VERSION Problem 14-01A a-c (Video) On January 1, 2020, Sandhill Corporation had the following stockholders' equity accounts. $1,536,000 Common Stock ($24 par value, 64,000 shares issued and outstanding) 204,000 Paid-in Capital in Excess of Par-Common Stock 574,000 Retained Earnings During the year, the following transactions occurred. Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Feb. 1 Mar. 1 Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. Apr. 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. July 1 31 Issued the shares for the stock dividend. Deciared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Dec. 1 31 Determined that net income for the year was $318,500. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit Cash Dividends Feb. 1 192000 Dividends Payable 192000 Mar. 1 Dividends Payable 192000 Cash 192000 Apr.1 Cash Dividends 384000 Dividends Payable 384000 July 1 17% 9:17 PM Wed Jan 22 C14 #1 Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in t problem.) Credit Debit Account Titles and Explanation Date 192000 Cash Dividends Feb. 1 192000 Dividends Payable 192000 Dividends Payable Mar. 1 192000 Cash Cash Dividends Apr.1 384000 384000 Dividends Payable July 1 July 31 Dec. 1 Dec. 31 (To close net income) Jan. 1 (To close stock dividends) Jan. 1 (To close cash dividends) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previ 17% 9:17 PM Wed Jan 22 C14 #1 Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Explanation Refr Date Debit Credir Balance Balance Common Steck Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Escess of Par-Commn Stock Date Explanation Ref Debit Credit Balance Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance Net income Stock dividend Cash dividend Cash Dividends Date Esplanation Ref Debit Credit Balance Stack Dividends Date Esplanation Ref Debit Credit Balance 9:17 PM Wed Jan 22 17% C14 #1 Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) SANDHILL CORPORATION Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWE
