Reference no: EM133014544
Question - For each of Company A's transactions that occurred during Year 2 described below, select the appropriate dollar effect, if any, on Company A's Year 2 statement of changes in equity.
Transactions:
-On January 15, Year 2, Company A issued 20,000 shares of its $1 common stock for the market price on that day.
-On February 1, Year 2, Company A paid a cash dividend of $50,000. The company declared this dividend on December 15, Year 1.
-On March 20, Year 2, Company A declared and distributed a 10% stock dividend on shares of common stock outstanding.
-On May 12, Year 2, Company A declared and distributed a cash dividend of $70,000.
-On September 9, Year 2, Company A acquired 30,000 of its own common shares at the market price. Company A uses the cost method of accounting for treasury stock.
-Company A reported a net loss of $40,000 for Year 2.
The information regarding the market price per share of Company A's stock on selected dates can be found in the Exhibits Tab.
Determine the applicable dollar value for the effect that each transaction described above has on Company A's Year 2 statement of changes in equity. Enter a positive amount for an effect that increases the total equity balance and a negative amount for an effect that decreases the total equity balance.
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