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On January 31, 2016, Leia transferred to its stockholders some of its equity investments. As of 01-31-16, the investments had a carrying value of $700,000 and a fair market value of $1,200,000. On March 1, Leia distributed the equity securities to stockholders of record as of February 20, 2016. Prepare the entries Leia should make on:
January 31, 2016.
February 20, 2016.
March 1, 2016.
Problem 1: Assume that as of 12-31-15, Leia's retained earnings account balance was $10,000,000. Also assume that during the three months ended 03-31-16, Leia recorded sales revenues of $5,000,000 and expenses of $3,900,000. Based on these two assumptions AND the impact of the entries you made for the property dividend, what was Leia's retained earnings balance as of 03-31-16?
In 2015 Center Corporation, a calendar year, accrual basis C corporation, has pre-tax financial (book) income of $1,500,000.
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