Homework Answers
Answer to Requirement a.
Calculation:
June 7:
No. of Common Stock declared as Dividend=160,000 *20%
No. of Common Stock declared as Dividend = 32,000 shares
Dec 5:
Cash Dividend = (160,000 + 32,000) * $2 = $384,000
| Date | General Journal | Debit | Credit |
| Jun 7 | Retained Earnings (32,000 * $15) | 480,000 | |
| Common Stock Distributable | 32,000 | ||
| PIC in excess of par value | 448,000 | ||
| (Declaration of stock Dividend) | |||
| Jun 28 | Common Stock Distributable | 32,000 | |
| Common Stock | 32,000 | ||
| (Issuance of Stock Dividend) | |||
| Dec 5 | Retained Earnings | 384,000 | |
| Cash Dividend Payable | 384,000 | ||
| (Declaration of Cash Dividend) | |||
| Dec 26 | Cash Dividend Payable | 384,000 | |
| Cash | 384,000 | ||
| (Payment of Cash Dividend) |
Answer to Requirement b.
| Retained Earnings, January 1 | 513,000 |
| Add: Net Income | 435,000 |
| Sub-total | 948,000 |
| Less: Dividend ($480,000 + $384,000) | 864,000 |
| Retained Earnings, December 31 | 84,000 |
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