Reference no: EM132966861
Question - The shareholders' equity section of Dawn Corporation's statement of financial position as of December 31, 2019, is as follows:
Ordinary shares, $10, par value; authorized, 2,000,000 shares; issued 400,000 shares $4,000,000
Share premium 1,700,000
Accumulated profits 6,000,000
Total $11,700,000
The following transactions occurred during 2020:
Jan. 5 10,000 shares of authorized and unissed ordinary shares were sold $18 per share. The company incurred share issue cost at $20,000.
Jan. 16 Declared a cash dividends of $0.60 per share, payable February 15 to shareholders of record February 5.
Feb. 20 Reacquired 50,000 shares as treasury shares at $22 per share.
Feb. 25 20,000 shares of authorized and unissued ordinary shares were issued in exchange of an equipment having a fair market value of P500,000.
Mar. 1 A 20% stock dividend was declared and issued. Market value of shares on this date was at $30.
May 30 Reissued half of the treasury shares at $14 per share.
Aug. 15 A 15% stock dividend was declared and issued. Market value is currently at $19 per share.
Sept. 30 A cash dividend of $0.80 per share was declared payable September 1 to shareholders of record on August 21.
Dec. 31 Adjusted net income for the year is at $2,150,000.
Required - Determine the balance of the following stockholders' equity accounts:
1. What is the debit to retained earnings as a result of the share dividends declaration on March 1?
2. What is the debit to retained earnings as a result of the share dividends declaration on August 15?
3. What is the debit to retained earnings as a result of the cash dividends declaration on September 30?
4. What is the total additional paid-in capital as of December 31, 2020?
5. What is the balance of the Accumulated Profits - unappropriated as of December 31, 2020?
6. What is the balance of Treasury shares as of December 31, 2020?
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