Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation report

[answerhappygod]

Problem 11 2a Cash Dividends Treasury Stock And Statement Of Retained Earnings Lo C3 P2 P3 Kohler Corporation Report 1 (195.37 KiB) Viewed 44 times

Problem 11 2a Cash Dividends Treasury Stock And Statement Of Retained Earnings Lo C3 P2 P3 Kohler Corporation Report 2 (123.34 KiB) Viewed 44 times

Problem 11 2a Cash Dividends Treasury Stock And Statement Of Retained Earnings Lo C3 P2 P3 Kohler Corporation Report 3 (84.48 KiB) Viewed 44 times

Problem 11 2a Cash Dividends Treasury Stock And Statement Of Retained Earnings Lo C3 P2 P3 Kohler Corporation Report 4 (70.91 KiB) Viewed 44 times

Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 80,000 460,000 $1,140,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 4,500 shares of its own stock at $20 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,688 of its treasury shares at $24 cash per share. 22 Sold 2,812 of its treasury shares at $17 cash per share. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019.
Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. No Date Debit Credit 1 Jan 02 General Journal Treasury stock, Common Cash 90,000 ✓ 90,000 2 Jan 05 182,000 > Retained earnings Common dividend payable oo 182,000 3 Feb 28 182,000 X Common dividend payable Cash ol 182,000 X 4 Jul 06 40,512 Cash Treasury stock, Common Paid-In capital, Treasury stock 33,760 6,752 ✓ 5 Aug 22 47,804 Cash Paid In capital, Treasury stock Retained earnings Treasury stock, Common 6,752 1,684 56,240 6 Sep 05 Retained earnings Common dividend payable lo 224,960 x 224,960 x 7 Oct 28 224,960 X Common dividend payable Cash ✓ 224,960 x 8 Dec 31 ✓ 368,000 Income summary Retained earnings ✓ 368,000
Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) KOHLER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2019 Beginning retained earnings $ 460,000 Add: Net income 368,000 828,000 Less: Cash dividends declared Х Less: Treasury stock reissuances Ending retained earnings (1,684) 826,316 $
Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. х KOHLER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2019 Common stock - $15 par value Paid-in capital in excess of par value, common stock Total contributed capital 0 Retained earnings Total stockholders' equity $ 0 Х Х