Retained Earnings: Transactions and Statement
The stockholders’ equity of Ranger Corporation at January 1 appears below:
| Common stock, $10 par value, 200,000 shares authorized; | |
| 80,000 shares issued and outstanding | $800,000 |
| Paid-in capital in excess of par value | 480,000 |
| Retained earnings | 305,000 |
During the year, the following transactions occurred:
| May | 12 | Declared a 15 percent stock dividend; market value of the common stock was $22 per share. |
| June | 6 | Issued the stock dividend declared on May 12. |
| Dec. | 5 | Declared a cash dividend of $1.50 per share. |
| 30 | Paid the cash dividend declared on December 5. |
Required
a. Prepare journal entries to record the foregoing transactions.
Options:
Options:
Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| May 12 | Stock dividend (80000*15%*22) | 264000 | |
| Stock dividend distributable | 120000 | ||
| Paid in capital in excess of par-Common Stock | 144000 | ||
| Jun 06 | Stock dividend distributable | 120000 | |
| Common Stock | 120000 | ||
| Dec 05 | Cash dividend (80000*1.15*1.5) | 138000 | |
| Dividend payable | 138000 | ||
| Dec 30 | Dividend payable | 138000 | |
| Cash | 138000 | ||
Retained earnings statement
| Retained earnings, January 1 | 305000 | |
| Add: Net income | 275000 | |
| 580000 | ||
| Less: Cash dividend declared | -138000 | |
| Stock dividend declared | -264000 | -402000 |
| Retained earnings, December 31 | 178000 |
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Retained Earnings: Transactions and
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The stockholders’ equity of Ranger Corporation at January 1
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