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Make dividends transactions a retained earnings statement

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Question - Talaat Corporation had retained earings at January 1, 2017, of $950,000.

The Corporation had 500,000 shares of $ 2.5 par value common stock outstanding throughout 2017. Net income for 2017 was $520,000. The following transactions occurred during 2017:

July 1 A cash dividends of $0.5 per share was declared to stockholders of record on July 20.

Aug. 1 Paid the cash dividends.

Nov. 1 A 7% stock dividends was declared. The market price at the declaration date was $9 per share.

Dec. 15 Distributed the stock dividends shares.

Required - Make the 2017 dividends transactions a retained earnings statement?

Reference no: EM132630005

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