Reference no: EM132742594
Questions -
Q1. Prepare statement of retained earnings in proper form for White Corporation for the year ended December 31, 2012, from the following:
Retained Earnings, January 1, 2012 $2,000
Dividends paid during the year 800
Net income for the year 3,000
Correction of prior year error. Purchase of land recorded as rent expense 1,000.
Q2. Curtis Corporation's balance sheet included the following:
Common Stock, $5 par value, 5,000 shares issued and outstanding $25,000
Retained Earnings 20,000
Total Stockholders' Equity $45,000
Prepare journal entries for the following transactions.
May 3 Issued 500 shares at $6 per share.
May 9 Reacquired 100 shares at $4 per share.
May 15 Reissued 50 of the Treasury shares at $7 per share.
May 17 Reissued 10 of the Treasury shares at $3 per share.
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