Prepare journal entries to record each of these

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Reference no: EM13576349

Common stock-$25 par value, 100,000 shares authorized, 45,000 shares issued and outstanding	$	1,125,000
Paid-in capital in excess of par value, common stock		80,000
Retained earnings		400,000

Total stockholders' equity	$	1,605,000

In year 2012, the following transactions affected its stockholders' equity accounts.
Jan.	1	Purchased 5,500 shares of its own stock at $15 cash per share.
Jan.	5	Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.
Feb.	28	Paid the dividend declared on January 5.
July	6	Sold 2,063 of its treasury shares at $19 cash per share.
Aug.	22	Sold 3,437 of its treasury shares at $12 cash per share.
Sept.	5	Directors declared a $6 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 $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. prepare journal entries to record each of these transactions for 2012 Prepare a statement of retained earnings for the year ended December 31, 2012

Reference no: EM13576349

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