Reference no: EM132789048
Question - Barcelona Company reports the following components of stockholders' equity on January 1.
Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding $500,000
Paid-in capital in excess of par value, common stock 75,000
Retained earnings 410,000
Total stockholders' equity $985,000
During the year, the following transactions affected its stockholders' equity accounts.
Jan. 2 Purchased 5,000 shares of its own stock at $23 cash per share.
Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,900 of its treasury shares at $27 cash per share.
Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share.
Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct. 28 Paid the dividend declared on September 5.
Dec. 31 Closed the $228,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Required - Make the necessary journal entries.
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