Business, 14.04.2020 22:52 JamesLachoneus

Treasury Stock (26,000 shares, at cost) 364,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,080. Apr. 10. Issued 50,000 shares of common stock for $800,000. June 6. Sold all of the treasury stock for $442,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 16,000 shares of treasury stock for $304,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $6,136,000. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate.

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Treasury Stock (26,000 shares, at cost) 364,000 The following selected transactions occurred during...

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