The following information applies to the questions displayed below The ennual re

Question

The following information applies to the questions displayed below The ennual report for Malibu Beachwear reported the following trensections afflectsing stockholders equity a Purchesed $351000 of common stock now held in tressury b Declared cash dividends in the amount of $260,500 c. Paid the dividends in (b d. Issued 110,000 new shares of $0.10 par value common shares for $2 per shere Closed the Dividends account 1000 points 2. Prepare journal entries to reaord each of these events (if no entry is nequired for a transactionevent select "io Journal Entry Required" in the first account field ) View transaction list View journal entry worksheet No Event Debit Credit 351,000 Treasury Stook Cash 351,000 Dividends 260,500 Dividends Payable 260.500 3 1 |Dividends Payable 200 500 Cash 200.500 Cash 220,000 Common Stoo Additional Paid-in Capital, Common Stoo 11,000 209.000 0 Firefox automatically sends some data to Mozilla so that we can improve your experience DE

Explanation / Answer

Prepare statement of stockholder's equity :

Common stock Additional Paid in capital Retained earnings Treasury stock Total Beginning 13000 195000 151000 359000 Stock issuance 11000 209000 220000 Net income 280000 280000 Dividend common (260500) (260500) Treasury stock (351000) (351000) Ending balance 24000 404000 170500 (351000) 247500

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