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Paid-ln Capital:
Common Stock—$10 Par Value; 350,000 shares authorized, 30,000 shares issued and outstanding : $300,000
Paid-ln Capital in Excess of Par—Common 310,000
Total Paid-ln Capital 610,000
Retained Earnings 161,000
Total Stockholders' Equity 771,000
Feb 6. Declared a 5% stock dividend on common stock. The market value of Patrick's stock was $27 per share.
15 Distributed the stock dividend.
Jul 29 Purchased 1 , 700 shares of treasury stock at $27 per share.
Nov. 27 Declared a $0. 10 per share cash dividend on the common stock outstanding.
Requirements
a. Record the transactions in the general journal.
b. Prepare a retained earnings statement for the year ended December31, 2016. Assume Fleck's net income for the year was $85,000.
c. Prepare the stockholders' equity section of the balance sheet at December 31,2016.
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Paid-ln Capital:
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