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Prepare the journal entries for the given items

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Question - The following information and transactions took place during 2012:

Feb. 21 Issued 4,000 common shares in exchange for the following assets with the indicated reliable market values: land, $80,000; building $210,000; and machinery, $155,000.

March 25 Declared $2 per share cash dividend on 20,000 shares of common stock outstanding.

April 20 Paid the cash dividends declared on March 25.

Nov. 25 Issued 8,000 common shares at $9.50 per share.

Dec. 1 Declared a $2.50 per share cash dividend payable on January 2, 2013, to the Dec.13 shareholders of record.

Dec. 31 Prepared closing entries. The closing balance in the Income summary account is a credit for $52,000.

REQUIRED:

a) Prepare the journal entries for the above items.

b) If Retained Earnings had a $71,000 credit balance on December 31, 2011, calculate the balance in the Retained Earnings account at December 31, 2012.

Reference no: EM131784589

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