Required:
1. Prepare journal entries to record each of these
transactions.
2. Prepare a statement of retained earnings for
the year ended December 31, 2019.
3. Prepare the stockholders’ equity
Please answer in this format, THANK YOU!!
Homework Answers
Journal entries
| Date | particular | DEBIT ($) | CREDIT ($) |
| Jan 2 | treasury stock common(5500shares×$20) | 110000 | |
| Cash | 110000 | ||
| Jan 5 | retained earnings (note below) | 218000 | |
| Common dividend payables | 218000 | ||
| Feb 28 | common dividend payable | 218000 | |
| Cash | 218000 | ||
| July 6 | cash(2063shares ×$24) | 49512 | |
| Treasury stock(2063×$20) | 41260 | ||
| Paid in capital treasury stock | 8252 | ||
| Aug 22 | Cash (3437shares ×$17) | 58429 | |
| Paid in capital treasury stock | 8252 | ||
| Retained earnings | 2059 | ||
| Treasury stock(3437×$20) | 68740 | ||
| Sept 5 | retained earnings [( note 2) below] | 240000 | |
| Common dividend payable | 240000 | ||
| Oct 28 | common dividend payable | 240000 | |
| Cash | 240000 | ||
| Dec 31 | income summary | 428000 | |
| Retained earnings | 428000 |
Note 1 : calculation of common stock dividend(feb28)
=(Number of shares outstanding - number of shares repurchased)×cash dividend per share
= (60000- 5500)×$4
=$218000
Note 2 :
Calculation of common dividend(Sept 5)
(No of shares outstanding - number of shares repurchased + number of shares resale)×cash dividend per share
(60000-5500+2063+3437)= 60000×$4=$240000
2). Statement of retained earnings
| Particular | amount ($) |
| Retained earnings | 370000 |
| + Net income | 428000 |
| (-)cash dividend declared (218000+240000) | (458000) |
| (-) treasury stock reissued | (2059) |
| retained earnings Dec 31,2018 | 337941 |
3). Calculate stockholders equity of the balance sheet
| Particular | amount ($) |
| (a)common stock(60000@15) | 900000 |
| (b)paid in capital excess of par | 70000 |
| (c)total contributed capital(a +b) | 970000 |
| (d) retained earnings | 337941 |
| Total stockholder equity (c +d) | 1307941 |
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