Business, 08.12.2020 07:20 meijorjay94p2u2zy

Common stock—$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding $ 400,000
Paid-in capital in excess of par value, common stock 60,000
Retained earnings 330,000
Total stockholders' equity $ 790,000

During the year, the following transactions affected its stockholders’ equity accounts.

Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share.
Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,500 of its treasury shares at $27 cash per share.
Aug. 22 Sold 2,500 of its treasury shares at $20 cash per share.
Sept. 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 $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

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Common stock—$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding $ 400,0...

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