M Chapter 11: Corporate Rep X C Chegg Study Guided Sol C ezto.mheducation.com 0.

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M Chapter 11: Corporate Rep X C Chegg Study Guided Sol C ezto.mheducation.com 0.29250628248606436 1449889137 300 Apps D Port M McGraw-Hill Conne... Please Log in i Mind Tap Comp Sa Amazon.com: DJI Ph Questions 1-3 (of 3) The following information applies to the questions displayed below.J Kohler Corporation reports the followIng components of stockholders' equlty on December 31, 2013 Common stock-$15 par value, 100,000 shares authorized, 45.000 shares Issued and 675.000 outstanding Pald-In capital In excess of par value, common stock 70,000 Retained earnings 430,000 1,175,000 Total stockholders' equity In year 2014, the following transactlons affected Its stockholders' equity accounts. Jan. 1 Purchased 4.500 shares of s own stock at $15 cash per share Jan. 5 Directors declared a $2 per share cash divldend payable on Feb. 28 to the Feb. 5 stockholders of record Feb. 28 Paid the dividend declared on January 5 July 6 Sold 1,688 of Its treasury shares at $19 cash per share Aug. 22 sold 2,812 of Its treasury shares at $12 cash per share Sept. 5 Directors declared a $2 per share cash divldend payable on October 28 to the September 25 Stockholders of record. Oct. 28 Paid the dividend declared on September 5 Dec. 31 Closed the $408,000 credit balance (from net Income) In the Income Summary account to Retained Earnings 10.00 points Required 1. Prepare journal entries to record each of these transactions for 2014 view transaction list view general journal Save & Exit Submit Required information 10 04 PM 12/11/2015

Explanation / Answer

Journal Entries:

Date Account Name Debit Credit 2004 Jan 1 Common Stock 67500         Cash 67500 Jan 5 Dividend 81000         Dividend Payable (40500 x 2) 81000 Feb 28 Dividend Payable 81000         Cash 81000 July 6 Cash 32072        Treasury Stock (1688 x 15) 25320        Additional Paid in capital (1688 x 4) 6752 Aug 22 Cash (2812 x 12) 33744 Retained Earnings (2812 x 3) 8436         Treasury stock 42180 Sep 5 Dividend 72000         Dividend Payable (36000 x 2) 72000 Oct 28 Dividend Payable 72000         Cash 72000 Dec 31 Income Summary 408000         Retained Earnings 408000

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