Complete the 3 parts to question. Journal entries, statement of retained earning

Question

Complete the 3 parts to question. Journal entries, statement of retained earnings , And balance sheet CHAPTER 13-HOMEWORK p1-5 Help Save&Exlt; Submi 2 Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders equity on December 31, 2016: 769 points n atock-$20 par value, 100,000 s0,000 ahares issued and outstanding Paid-in capital in excess of par value, common stock Retained earning co,000 460,000 In year 2017, the following transactions affected its stockholders' equity Jan. 1 Purchased 5,500 shares of its own atock at S25 cash per·hare . Jan. 5 Directora declared a $2 per shaze cash dividend payable on February 28 to the February 5 stockholdazs of Feb. 28 Paid the dividend declared on Jasuary s Aug. 22 Sold 3,437 of its treasury shares at $22 cash per share. record at $29 cash per share Sept. 5 Directora declared a $2 per share cash dividend payable on Ootobez 28 to the Septembez 25 stookholdera of Oct. 28 Paid the dividend declared on Septenber s. Dec. 31 Closed the $428,000 aredit balance Erom net incone) in the Incone Sunnary account to Retained Karninge. Required 1. Prepare journal entries to record each of these trensactions for 2017 record for the year balance sheet as of December 31, 2017 3. Prepare the stockholders' equity section of the company's

Explanation / Answer

1 Journal entries to record transactions for 2017 1-Jan Treasury Stock $137,500 Cash $137,500 5-Jan Retained earnings $89,000 Dividend Payable $89,000 28-Feb Dividend payable $89,000 Cash $89,000 6-Jul Cash $59,827 Treasury Stock $51,575 Paid in Capital, Treasury stock $8,252 22-Aug Cash $75,614 Paid in Capital, treasury stock $8,252 Retained Earnings $2,059 Treasury stock $85,925 5-Sep Retained earnings $100,000 Dividend Payable $100,000 28-Oct Dividend payable $100,000 Cash $100,000 31-Dec Income Summary $428,000 Retained Earnings $428,000 2 Statement of retained earnings Retained Earnings, Dec 31, 2016 $460,000 Add: Net Income $428,000 $888,000 Less: Cash Dividend ($189,000) Less: Treasury stock reissuance ($2,059) Retained Earnings, Dec 31, 2017 $696,941 3 Stockholders' equity section of balance sheet Common stock @ $20 par $1,000,000 Paid in capital in excess of par $60,000 Total contributed capital $1,060,000 Retained Earnings $696,941 Total stockholders' equity $1,756,941

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

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