On January 1 2020 Oriole Corporation Had The Following Stockholders Equity Accounts Common Stock 26 Par Value 52 1 (74.16 KiB) Viewed 43 times
On January 1, 2020, Oriole Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 52,500 shares issued and outstanding) $1,365,000 Paid-in Capital in Excess of Par-Common Stock 191,000 Retained Earnings 579,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $357,500.
(b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note:Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date Explanation Ref Jan. 1 Balance Debit Credit Balance V July 31 Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance July 1 July 31 + Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 . Balance ✓ July 1 + Retained Earnings Date Explanation Ref Debit Credit Balance Jan. 1 + Balance ✓ Dec. 314 Net income Dec. 31 Stock dividend Dec 31 Cash dividend Cash Dividends Date Explanation Ref Feb. 1 Debit Credit Balance Dec. 1 Dec 31 . Stock Dividends Date Explanation Ref Debit Credit Balance July 1 2 Dec. 31
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