Closed the 388000 credit balance from net income in the

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Reference no: EM13482066

Common stock-$25 par value, 100,000 shares authorized, 50,000 shares issued and outstanding
$ 1,250,000
Paid-in capital in excess of par value, common stock 80,000
Retained earnings 370,000

Total stockholders' equity $ 1,700,000
In year 2012, the following transactions affected its stockholders' equity accounts.
Jan. 1 Purchased 5,500 shares of its own stock at $25 cash per share.
Jan. 5
Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 2,063 of its treasury shares at $29 cash per share.
Aug. 22 Sold 3,437 of its treasury shares at $22 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 $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
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Reference no: EM13482066

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