Reference no: EM131134568
On January 1, 2010, Pattini Corporation had the following stockholders' equity accounts.
Common Stock (no par value, 90,000 shares issued and outstanding) .. $1,400,000
Retained Earnings ......................... 500,000
During the year, the following transactions occurred.
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1 Paid the dividend declared in February.
Apr. 1 Announced a 4-for-1 stock split. Prior to the split, the market price per share was $36.
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31.
On July 1, the market price of the stock was $13 per share.
31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2011.
31 Determined that net income for the year was $350,000.
Instructions
Prepare the stockholders' equity section of the balance sheet at:
(a) March 31,
(b) June 30,
(c) September 30, and
(d) December 31, 2010.