Reference no: EM132616290
Question - On January 1, 2017, Baharul Corporation had the following stockholders' equity accounts.
Common Stock (Tk.10 par value, 60,000 shares issued and Tk.6,00,000 outstanding)
Paid-in Capital in Excess of Par-Common Stock 2,00,000
Retained Earnings 7,00,000
During the year, the following transactions occurred.
Jan. 1 Declared a Tk.1.80 cash dividend per share to stockholders of record on January 15, payable March 1.
Mar. 1 Paid the dividend declared in January.
Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share wasTk.17
Aug. 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable Aug. 31. On Aug. 1, the market price of the stock was Tk.6 per share.
Aug. 31 Issued the shares for the stock dividend.
Dec. 1 Declared a Tk.0.60 per share dividend to stockholders of record on December 15, payable January 5, 2018.
31 Determined that net income for the year was Tk.1,25,000.
Required - Journalize the transactions and the closing entry for net income.
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