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Prepare the journal entries related to the transactions

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Reference no: EM132610325

Question - On January 1, 2019, Accounting For You Professional Corporation had $ 2,000,000 of common shares that were issued at $ 10 per share and retained earnings of $ 1,000,000. The corporation issued 100,000 common shares at $ 13 per share on July 1, 2019. On August 1, 2019, the company declared a $ 0.50 cash dividend to be paid on August 31, 2019 to shareholders of record on August 15, 2019. On December 15, 2019 the board of directors declared a 10% common stock dividend to shareholders of record on December 31, 2019, distributable on January 15, 2020. The market value of Accounting For You Professional Corporation common shares was $ 15 per share on December 15 and $ 14 per share on December 31, 2019. Profit for 2019 was $ 500,000.

Instructions -

a) Prepare the journal entries related to the above transactions up to December 31, 2019.

b) Prepare the shareholders' equity section of the balance sheet for Accounting For You Professional Corporation at December 31, 2019.

c) Calculate the dividend payout ratio for 2019.

Reference no: EM132610325

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