On January 1, 2012, Kristen Corporation had the following stockholders\' equity

Question

On January 1, 2012, Kristen Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 55,000 shares issued and outstanding) 51,320,000 Paid-in Capital in Excess of Par Value 194,400 Retained Earnings 627,400 Dunng the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $32. July 1 Declared a 12 %stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market piece of the stock was $18 per share. July 31 Issued the shares for the stock dividend. Dec. 1 Dedared a $0.5 per share dividend to stockholders of record on December 15, payable January 5, 2013. Dec. 31 Determined that net income for the year was $332,570.

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