Solution 1:
Common share outstanding on each cash dividend date:
Jan 5 : 40000 shares
Apr 5 = Share issued - Shares in treasury stock = 40000 - 3000 = 37000 shares
July 5 = Share issued - Shares in treasury stock = 40000 - 3000 = 37000 shares
Oct 5 = Share issued - Shares in treasury stock = 47400 - 3000 = 44400 shares
Solution 2:
Computation of dollar amount for each cash dividend:
Jan 5 : Outstanding shares * Dividend per share = 40000 * $0.50 = $20,000
Apr 5 = 37000*$0.50 = $18,500
July 5 = 37000*$0.50 = $18,500
Oct 5 = 44400*$0.50 = $22,200
Solution 3:
Amount of capitalization of retained earnings for the stock dividend = Nos of shares issued in stock dividend * Market price per share on date of declaration = (37000*20%) * $12 = $88,800
Solution 4:
Per share cost of treasury stock purchased = Total cost of treasury stock / Nos of share in treasury stock
= $30,000 / 3000 = $10 per share
Solution 5:
Retained earning 2017 = Retained earnings in 2016 + Net Income for 2017 - Cash dividend paid - Stock dividend
$400,000 = $320,000 + Net Income for 2017 - ($20,000 + $18,500 + $18,500 + $22,200) - $88,800
Net Income for 2017 = $248,000
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