Reference no: EM132727669
KitKat Corporation produces and sells purses. The Stockholders' Equity accounts on January 1, 2020 are as follows:
Common Stock, $8 par (120,000 shares authorized, 30,000 shares issued) $240,000
PIC in Excess par - Common Stock $110,000
Retained Earnings $700,000
Treasury Stock (4,000 shares at cost) $40,000
The following transactions occurred during the year:
1/05 Declared a Cash Dividend of $0.75 per share on the Common Stock outstanding.
Dividend will be paid on 2/05.
2/05 Paid the Cash Dividend that was previously declared on 1/16.
3/20 Reissued 2,000 shares of the Treasury Stock at $24 per share.
4/25 Issued 14,000 shares of Common Stock for $18 per share.
8/10 The directors declare a 3% stock dividend to be distributed on 9/10. The market value is $35 per share on this date.
9/10 Distributed the Stock Dividend declared on 8/03.
11/23 Reissued the remaining 2,000 shares of Treasury Stock for $8 per share.
12/30 Declared a Cash Dividend of $0.85 per share on the Common Stock outstanding. The dividend will be paid on 1/10.
12/31 Closed the $72,000 credit balance of the Income Summary account.
12/31 Closed the dividends accounts.
REQUIRED:
Problem (1) Prepare the Journal Entries for the above transactions.
Problem (2) Prepare the Statement of Stockholders' Equity (In Good Form) as of 12/31/20.
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