Reference no: EM13914185
Canterbury Corporation began operations on September 1, 2014. The corporation's charter authorized 300,000 shares of $8 par value common stock. Canterbury engaged in the transactions that follow during its first quarter.
Sept. 1 Issued 50,000 shares of common stock, $500,000.
1 Paid an attorney $32,000 to help start up and organize the corporation and obtain a corporate charter from the state.
Oct. 2 Issued 80,000 shares of common stock, $960,000.
15 Purchased 10,000 shares of common stock for $150,000.
Nov. 30 Declared a cash dividend of $0.40 per share to be paid on December 15 to stockholders of record on December 10.
Required:
1. Prepare entries using T accounts to record the above transactions.
2. Prepare the stockholders' equity section of Canterbury's balance sheet on November 30, 2014. Net income for the quarter was $80,000.
3. Accounting Connection- What effect, if any, will the cash dividend declaration on November 30 have on net income, retained earnings, and cash flows?
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