Reference no: EM132933978
TJS Stockholders equity accounts on January 1, 2021 are as follows:
Common Stock $2.5 par (150,000 shares authorized, 60,000 shares issued) 150,000
PIC in Excess par - Common Stock 150,000
Retained Earnings 850,000
Treasury Stock (7,500 shares at cost) 60,000
The following transactions occurred during the year:
1/03: Declared a cash dividend of $0.90 per share on the common stock outstanding.
2/03: Paid the cash dividend that was previously declared on 1/03.
3/19: Reissued 5,500 shares of the treasury stock at $20 per share.
4/24: Issued 18,000 shares of common stock for $32 per share.
8/13: The directors declared a 3% stock dividend to be distributed on 10/13. The market value is $40 per share on this date.
10/13: Distrubuted the Stock Dividend declared on 8/13.
11/17: Reissued the remaining 2,500 shares of treasury stock for $6 per share.
12/30: Declared a cash dividend of $0.90 per share on the common stock outstand. The dividend will be paid on 1/30.
12/31: Closed the 73,000 credit balance of the income summary account.
12/31: Closed the dividends accounts.
REQUIRED:
Problem 1: Complete the journal entries for the above transactions
Problem 2: Complete the statement of stockholders equity (in good form) as of 12/31/21 like Cengage.