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Problem 1: Journalize the transactions and the closing entries for net income and dividends. Then, enter the beginning balances, and post the entries to the stockholders' equity accounts.
Information:
On January 1, 2020, Wildhorse Corporation had the following stockholders' equity accounts.
During the year, the following transactions occurred.
Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1.Mar. 1 Paid the dividend declared in February.Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35.July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share.Jul. 31 Issued the shares for the stock dividend.Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021.Dec. 31 Determined that net income for the year was $321,500.
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