Dear Tutor, I have problem with this exercise, p14-34b dvidend and transacions g

Question

Dear Tutor,

I have problem with this exercise, p14-34b

dvidend and transacions g tockholders P14-340 The balance sheet of Bane One Corp. at December 31, 2007 $00,000 shares of $1 par common stock authorized with 100,000 issoed. Paid-In Capical in Excess of Par bad a balance of $300 Retained Earnings had a balance of 5101,000. During 2008 the 2008 the pany completed the following selected traniacsions Jan. 12 Sep. 2S Parchased 10,000 shares of the treasury seock at 54 per share. (pp. 654-695) Distnbuteda 10% stock dividend on the 90,000 shares of common stnck was $5 per share. (pp. 692-693) income to Retained Earnings. (pp. 643-644) outstanding coon stock. The market value of Banc Dec. 31 Earned net income of $73,000 durning the yeat. Closed ne Requirements 1. Recard the transactions in the general journal. Explanations ane required 2. Prepare the stockholders' equity section of the balance sheet a December 31, 2008. (pp 693, 694-695 truuryneck to P14-35B Guatemalan Impons is the only compair "ich reliable sources for imported gifks The company dos a brisk business with specialy such as Per 1 lingors Goaemalan ingecs recent success has made company a prime arpet for a takeovet arstae group Mexico City is altempting lo buy 51% of Gu,emalan lngons,

Explanation / Answer

Image is not clear

Date Account Title & Explanation Debit Credit 12-Jan Treasury Stock $40,000.00         Cash $40,000.00 (to record repurchase of 10000 stock @4) 1-Mar-11 Retained Earning $9,000.00       Common Stock Devidend Distributable $9,000.00 (10% Stock dividend Declared on 90000 shares)

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.