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Barcelona Company reports the following components of stockholders equity on December 31, 2016: Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity $ 500,000 75,000 410,000 985,000 In year 2017, the following transactions affected its stockholders equity accounts. Jan. Jan. 1 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors deelared a $2 per share cash dividend payable on rebruary 28 to the February s stockholders of record Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per ahare. Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. s Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $228,0o0 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General General Statement of Stockholders Impact on Equity Journal Ledger Trial Balance Equity RE In year 2017, the following transactions affected its stockholders equity accounts. Prepare the necessary journal entries. If no journal entry is required, select No journal entry required in the first input box. View transaction list
General Ledger Trial Balance Statement of Stockholders Impact on Requirement General Journal RE Equity Equity In year 2017, the following transactions affected its stockholders equity accounts. Prepare the necessa entry is required, select No journal entry required in the first input box. View transaction list Journal entry worksheet 2 4 6 7 8 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Note: Enter debits before credits Date Account Title Debit Credit Retained earnings Common dividend payable Jan 05
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General Ledger Trial Balance Statement of Sto ckholders Impact on Equity Requirement General RE Equity For each transaction, indicate the impact on total stockholders equity. Enter decreases to equity as negative values. Verify that total Stockholders equity as of December 31, 2017, as calculated, agrees with the amount reported on the balance sheet Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders Equity - December 31, 2016 $23 cash per share dividend payable on Feb. 28 to the Feb. 5 Jan. 1) Purchased 5,000 shares of its own stock at Jan. 5) Directors declared a $2 per share cash stockholders of record Feb. 28) Paid the dividend declared on January 5 Jul. 6) Sold 1,900 of its treasury shares at $27 cash per share. Aug. 22) Sold 3,100 of its freasury shares at $20 cash per share Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Oct. 28) Paid the dividend declared on September 5. Dec. 31) Closed the $228,000 credit balance (from net income) in the Income Summary account to Retained Earnings
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In the books of Barcelona Company ournal Entries Date Account Title DebitCredit $ Jan-1 Treasury stock, Common (5,000 X 23-115,000) 115,000 Cash 115,000 (Purchased 5,000 shares ofits own stock at $23 cash per share) Jan-5 Retained Earnings (50,000-5000-45,000, 45,000 $2-$90,000) 90,000 Common dividend payable 90,000 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders ofrecord Feb-28 Common dividend payable Cash 90,000 90,000 (Payment of declared dividend on January 5) Jul-6 Cash (1,900 X 27 -51,300) 51,300 Treasury stock, Common (1,900 X 23-43,700) [Cost Value Paid-in capital, Treasury stock(1,900 X [27-23] = 7,600) [Gain] 43,700 7,600 (Sold 1,900 of its treasury shares at $27 cash per share) Aug-22 Cash (3,100 X 20 62,000) Paid-in capital, Treasury stock [loss on treasury shares sold for Retained Earnings 62,000 7,600 1,700 adjusted ] Treasury stock, Common (3,100 X 23 71,300) [Cost Value] 71,300 (Sold 3,100 of its treasury shares at $20 cash per share) Retained Earnings[Entire treasury shares sold so cash dividend Sep-5 100,000 Common dividend payable paid for entire shares] 100,000 Directors declared a $2 per share cash dividend payable oin October 28 to the September 25 stockholders ofrecord Oct-28 Common dividend payable 100,000 Cash ment of declared dividend on September 5 100,000 Dec-31 Income Summarv 228,000 Retained Earnings et income summarv transferred to retained earnings 228,000BARLELONA CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Reatined Earnings, December 31, 2016 Add: Net Income (as on December 31, 2017) S 410,000 $ 228,000 $ 638,000 Less: Cash Dividend declared Jan 5 Sep 5 90,000+100,000) S (190,000) Less: Treasury stock reissuances (Aug 22) 1,700 $ 446,300 BARLELONA CORPORATION Stockholders Equity Section of the Balance Sheet As on December 31, 2017 Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued outstanding $500,000 (given) Paid-in capital in excess of par value, commorn stock Retained earnings 75,000 (given) As per above calculation 446,300 $ 1,021,300Impact On Equit Total Stakeholders Eauity December 31, 2016 Jan 1) Purchased 5,000 shares of its own stock at $23 Stockholders equity decreased cash per share Jan 5) Directors declared a $2 per share cash dividend Stockholders equity decreased payable on Feb. 28 to the Feb. 5 stockholders of record 985,000 (115,000) 90,000) Feb 28) Payment of declared dividend on January 5 No change in total equity Jul 6) Sold 1,900 of its treasury shares at $27 cash per Stockholders equity increased share Aug 22) Sold 3,100 of its treasury shares at $20 cash Stockholders equity increased per share Sep 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Oct 28) Payment of declared dividend on September 5 No change in total equity 51,300 62,000 Stockholders equity decreased (100,000) Dec 31) Closed the $228,000 credit balance (from net income) in the Income Summary account to Retained Earnings Stockholders equity increased 228,000 1,021,300

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