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General Ledger General Cash Dividends Trial Balance Requirement Stock Dividend Journal Note: The ending equity balances shoulCash Dividends General Journal General EStock Dividend Requirement Trial Balance Ledger Calculate the dollar amount of each cReferences General Journal General Cash Dividends EStock Dividend Requirement Trial Balance Ledger Calculate the amount of reThe equity sections from Edmunds Group’s 2016 and 2017 year-end balance sheets follow.

Stockholders’ Equity (December 31, 2016)
Common stock—$4 par value, 150,000 shares
authorized, 60,000 shares issued and outstanding
$ 240,000
Paid-in capital in excess of par value, common stock 36,000
Retained earnings 200,000
Total stockholders’ equity $ 476,000

  

Stockholders’ Equity (December 31, 2017)
Common stock—$4 par value, 150,000 shares
authorized, 69,810 shares issued, 5,500 shares in treasury
$ 279,240
Paid-in capital in excess of par value, common stock 94,860
Retained earnings ($44,000 restricted by treasury stock) 360,000
734,100
Less cost of treasury stock (44,000 )
Total stockholders’ equity $ 690,100


1A .The following transactions and events affected its equity during year 2017.

Jan. 5 Declared a $1.20 per share cash dividend, payable on January 10.
Mar. 20 Purchased treasury stock for cash.
Apr. 5 Declared a $1.20 per share cash dividend, payable on April 10.
July 5 Declared a $1.20 per share cash dividend, payable on July 10.
July 31 Declared a 18% stock dividend when the stock’s market value was $10 per share.
Aug. 14 Issued the stock dividend that was declared on July 31.
Oct. 5 Declared a $1.20 per share cash dividend, date of record October 10.

record payment of the 10/10/2017 dividende

close income summary to retained earnings.

1B

Create General Ledger

1C

Create Trial Balance

1D Cash Dividends

1E Stock Dividend

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Answer #1

Edmunds Group Debit Credit Calculation Date Account 5-Jan Retained Earnings 60,000*1.20 72,000 Common Dividends Payable 72,00Edmunds Group TAccounts Date Credit Debit Date Credit Date Debit Date Credit Debit Date Date Retained Earnings 72,000 Op balEdmunds Group Trial balance Debit Credit Accounts Cash 152,028 Common Dividends Payable Common Stock 279,240 Paid in CapitalCash Dividends 5-Jan 5-Apr 5-Jul 5-Oct Common shares outstanding? 54,500 60,000 54,500 64,310 Dividend per share 1.20 1.20 1.

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