During 2014 the corporation had the following transactions

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Reference no: EM13570903

The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows.

Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized)		$300,000
Common Stock ($4 stated value, 300,000 shares authorized)		1,000,000
Paid-in Capital in Excess of Par Value-Preferred Stock		15,000
Paid-in Capital in Excess of Stated Value-Common Stock		480,000
Retained Earnings		688,000
Treasury Stock-(5,000 common shares)		40,000

During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb. 1		Issued 5,000 shares of common stock for $30,000.
Mar. 20		Purchased 1,000 additional shares of common treasury stock at $7 per share.
Oct. 1		Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1		Paid the dividend declared on October 1.
Dec. 1		Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014.
Dec. 31		Determined that net income for the year was $280,000. Paid the dividend declared on December 1. How do you find the Dec 31 adjustment to close cash dividends?

Reference no: EM13570903

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