- The December 31 2019 Balance Sheet Of Randy Inc Included The Following In Sholars Pity Common Shares 70 000 Shares In 1 (31.27 KiB) Viewed 30 times
The December 31, 2019 balance sheet of Randy Inc included the following in Sholars' pity Common shares, 70,000 shares ined and outstandin 51.000.000 Preferred shares, cumulative, $3,6,000 suns and outstanding S600.000 Retained warnings $1,500,000 Contributed Surplus repurchase $49,500 Additional information regarding Randy Inc. during 2020 was made available January 1 Issued 20,000 common shares in exchange for $800,000 cash May 30: Declared cash dividends at a total of $150.000 September 15: Declared and distributed 2% stock dividends when the market was trading at $10 per here October 20: Paid cash dividends declared on May 30. December 1: Paid 5840,000 to repurchase and cincel 14.000 common shares that had been initially med for $285,490 • 2020 net income totaled 2,530,000 • Randy Inc. didn't pay any dividends in 2019. Required: 1. Record the journal entries on the following dates (12 points) a. January 1, 2020 (1.5 points) b. May 30, 2020 (3 points) c. September 15, 2020 (2 points) d. October 20, 2020 (1.5 points) c. December 1, 2020 (4 points) 2. Determine the balance of Retained Earnings at December 31, 2020. Clearly show calculations for numbers that are not given (3 points).