Question

On January 1, 2020, Cullumber Corporation had the following stockholders' equity accounts. Common Stock (no per value, 93,000 shares issued and outstanding) $1,445,000 Retained Earnings 481,000 During the year, the following transactions occurred Feb. 1 Declared a $1 cash aividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 3-for-1 stock spit. Prior to the spit, the market price per share was $39 July 1 Declared a S% stock dividend to stockholders of record on July 15, distributable July 31, On July 1, the market price of the stock wes S 2 per share. 31 Issued the shares for the stock dividend. Dec. 1 Deciared a $0.40 per share dividend to stocknoiders of record on December 15, payable January 5, 2021 31 that net income for the year was $357,000 Your answer is correct. Prepare the stockholders' equity section of the balance sheet at March 31. (Enter account nme ony and do not provkde

Answer 1

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c) Partial Balance sheet September 30, 2020 Stockholders's Equity Paid-in-Capital Capital Stock (1445000) + [(93000*596)*12] Common Stock 1500800 Retained Earnings (388000-55800) 332200 Total Stockholders' Equity 1833000