The following data were taken from the balance sheet accounts of Masefield Corpo

Question

The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2013.

Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Current assets $541,000 Debt investments 655,000 Common stock (par value $10) 660,000 Paid-in capital in excess of par 153,500 Retained earnings 869,000

Explanation / Answer

(All values in $) No Account Titles and Explanation Debit Credit (a) (1) No entry required 0 0 (a) (2) Dividend A/c DR 33000 To Retained Earnings A/c 33000 (b) Common Stock A/c DR 528000 To Paid Up Capital in Excess of Par A/c 528000 (c) Bonds A/c DR 32700 To Revaluation Gain A/c 32700 No entry for declaration of dividends 0 0

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