Question

Problem 14-03A a-d On January 1, 2020, Ven Corporation had the following stockholders equity accounts Common Stock (no par value, 90,000 shares issued and outstanding) $1,600,000 Retained Earnings During the year, the following transactions occurred 500,000 Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1 Mar. 1 Pald the dividend declared in February Apr. 1 Announced a 3-for-1 stock split. Priox to the split, the market price per share was $36 July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31, On July 1, the market price of the stock was $16 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a so.5 per share dividend to stockholders of record on December 15, payable January 5, 2021 31 Determined that net income for the year was $350,000.

Answer 1

						CS	RE	total
opening balance						1,600,000	500,000
1-Feb	Cash dividend		90000	1			-90000
31-Mar	Balance					1,600,000	410,000	2,010,000
1-Jul	Stock dividend		13500	16		216000	-216000	0
30-Sep	Balance					1,816,000	194,000	2,010,000
1-Dec	Cash dividend		283500	0.5			-141750	-141750
31-Dec	Net income						350,000	350,000
31-Dec	Balance					1,816,000	402,250	2,218,250
	on april 1	stock split 3 for 1		270000	Shares
		stock dividend		13500
		total shares		283500
			Ven Corporation
			Balance sheet
			(March 31,2020)
	Stockholder's Equity
	paid in capital
	Capital stock
	Common stock,no par value ,90000 shares issued & outstanding						1,600,000
	Retained earnings						410,000
	Total stockholders Equity						2,010,000
			Ven Corporation
			Balance sheet
			(June 30,2008)
	Stockholder's Equity
	paid in capital
	Capital stock
	Common stock,no par value ,270000 shares issued & outstanding						1,600,000
	Retained earnings						410,000
	Total stockholders Equity						2,010,000
			Ven Corporation
			Balance sheet
			(Sept 30,2018)
	Stockholder's Equity
	paid in capital
	Capital stock
	Common stock,no par value ,283,500 shares issued & outstanding						1,816,000
	Retained earnings						194,000
	Total stockholders Equity						2,010,000
			Ven Corporation
			Balance sheet
			(Dec 31,2018)
	Stockholder's Equity
	paid in capital
	Capital stock
	Common stock,no par value ,283,500 shares issued & outstanding						1,816,000
	Retained earnings						402,250
	Total stockholders Equity						2,218,250