The shareholders\' equity of Bodie Company on January 1, 2017, included the foll
ID: 2559316 • Letter: T
Question
The shareholders' equity of Bodie Company on January 1, 2017, included the following:
Common stock, $1.7 par; authorized, 800,000 shares;
You will need to calculate the issued shared
$122,324
Paid-in capital—excess of par
69,669
Retained earnings
$500,000
Treasury shares, cost $8 per share
49,504
On April 1, 2017, the board of directors of Bodie declared a $1.5 cash dividend to be distributed on June 1.
On April 1, the debit to Retained Earnings is $________
The shareholders' equity of Bodie Company on January 1, 2017, included the following:
Common stock, $1.7 par; authorized, 800,000 shares;
You will need to calculate the issued shared
$122,324
Paid-in capital—excess of par
69,669
Retained earnings
$500,000
Treasury shares, cost $8 per share
49,504
On April 1, 2017, the board of directors of Bodie declared a $1.5 cash dividend to be distributed on June 1.
On April 1, the debit to Retained Earnings is $________
Explanation / Answer
Number of shares issued are 122,324/1.7 = 71,955 shares
Cash Dividend distributed is $1.5 so total cash dividend will be $107,932
On April 1, the debit to Retained Earnings is $107,932
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