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Question 7
On January 1, 2014, Everett Corporation had these stockholders’ equity accounts.
| Common Stock ($10 par value, 69,800 shares issued and outstanding) |
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$698,000 |
| Paid-in Capital in Excess of Par Value |
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522,100 |
| Retained Earnings |
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606,800 |
During the year, the following transactions occurred.
| Jan. 15 |
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Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. |
| Feb. 15 |
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Paid the dividend declared in January. |
| Apr. 15 |
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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 $16 per share. |
| May 15 |
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Issued the shares for the stock dividend. |
| Dec. 1 |
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Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2015. |
| Dec. 31 |
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Determined that net income for the year was $364,600. |
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Your answer is partially correct. Try again. |
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Journalize the transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Account Titles and Explanation
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Debit
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Credit
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