Need some help with journalizing these entrys, thanks e EWhat ls The x-G chegg S

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Need some help with journalizing these entrys, thanks

e EWhat ls The x-G chegg Study! x- e What ls TheN/X C Secure | https://edugen.vvileyplus.com/ed GE what ls The https://my9cs x-. chapter 11, H xy Y WileyPLUS (20) TheC × #x - Kimmel, Financial Accounting, 8e +1 CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Problem 11-8A (Part Level Submission) On January 1, 2017, Blue Spruce Corp. had these stockholders equity accounts. Common Stock ($10 par value, 72,500 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $725,000 519,500 645,000 Problem 11-8A (Pa During the year, the following transactions occurred Jan. 15 Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share May 15 Issued the shares for the stock dividend. Dec. Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Dec. 31 Determined that net income for the year was $424,000. (a) ournalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 4-03 PM O Type here to search 3/9/2018 4

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Jan 15 Dividend 50750 Dividend payable (72500*.70) 50750 (To record dividend declared) Feb 15 Dividend payable 50750 Cash 50750 (To record dividend paid) Apr 15 Stock dividend (72500*10%*14) 101500 Common stock dividend distributable 72500 Paid in capital in excess of par value 29000 (To record stock dividend declared) May 15 Common stock dividend distributable 72500 Common stock 72500 (To record stock issued) Dec 1 Dividend 43500 Dividend payable (72500*.60) 43500 (To record dividend declared) Dec 31 Income summary 424000 Retained earnings 424000 (To close net income)

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