Martinez Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,400 shares) $500,000 Retained Earnings 281,200
Prepare entries in journal form to record the following transactions, which took place during 2021. (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 0 for the amounts.) (1) 270 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $20 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 480 shares of outstanding stock were purchased at $106 per share. (6) 320 of the shares purchased in (5) above were resold at $96 per share.
Prepare the stockholders’ equity section of Martinez Company’s balance sheet after giving effect to these transactions, assuming that the net income for 2021 was $101,500. State law requires restriction of retained earnings for the amount of treasury stock
No | Account Titles and Explanation | Debit | Credit |
1 | Treasury Stock | 26190 | |
Cash (270*97) | 26190 | ||
2 | Retained earnings | 94600 | |
Dividends payable (5000-270)*20 | 94600 | ||
3 | Dividends payable | 94600 | |
Cash | 94600 | ||
4 | Cash (270*103) | 27810 | |
Treasury Stock | 26190 | ||
Paid in Capital from Treasury Stock | 1620 | ||
5 | Treasury Stock | 50880 | |
Cash | 50880 | ||
6 | Cash (320*96) | 30720 | |
Paid in Capital from Treasury Stock | 1620 | ||
Retained earnings | 1580 | ||
Treasury Stock (320*106) | 33920 |
2.
Martinez Company | |
Stockholders equity | |
December 31,2020 | |
Retained earnings (281200-94600-1580+101500) | 286520 |
Common Stock | 500000 |
Total Paid in capital and retained earnings | |
Less: Treasury Stock | 16960 |
Total stockholders equity | 803480 |
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