Reference no: EM132803457
Balthus Corp. reports the following components of stockholders' equity on December 31, 2015:
It completed the following transactions related to stockholders' equity in year 2016:
Jan,10: Purchased 40,000 shares of its own stock at $12 cash per share.
Mar, 2: Directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 stockholders of record.
Mar, 31: Paid the dividend declared on March 2.
Nov, 11:Sold 24,000 of its treasury shares at $13 cash per share.
Nov, 25: Sold 16,000 of its treasury shares at $9.50 cash per share.
Dec, 1: Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record.
Dec, 31: Closed the $1,072,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Required
Problem 1: Prepare journal entries to record each of these transactions for 2016.
Problem 2: Prepare a statement of retained earnings for the year ended December 31, 2016.
Problem 3: Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2016.
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