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Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:

   Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding

 $ 900,000  
   Paid-in capital in excess of par value, common stock 70,000  
   Retained earnings 370,000  
   Total stockholders’ equity $ 1,340,000  
In year 2016, the following transactions affected its stockholders’ equity accounts.
Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share.
Jan. 5

Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,688 of its treasury shares at $24 cash per share.
Aug. 22 Sold 2,812 of its treasury shares at $17 cash per share.
Sept. 5

Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct. 28 Paid the dividend declared on September 5.
Dec. 31

Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Record the reissue of 1,688 shares of the treasury stock for $24 cash per share.

Note: Enter debits before credits.

Date General Journal Debit Credit
Jul 06 Cash
Treasury stock, Common
Paid-In capital, Treasury stock


Record the declaration of a cash dividend of $4 per share.

Note: Enter debits before credits.
Date General Journal Debit Credit
Sep 05 Retained earnings
Common dividend payable

Record the payment of the cash dividend.

Note: Enter debits before credits.
Date General Journal Debit Credit
Oct 28 Common dividend payable
Cash
Business   Accounting   
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Homework Answers

Answer #1
Date General Journal Debit Credit
01-Jan Treasury stock, Common 90,000
Cash 90,000
4500*20
05-Jan Retained earnings 162,000
Common dividend payable 162,000
45000-4500*4
28-Feb Common dividend payable 162,000
Cash 162,000
06-Jul Cash
1688*24		 40,512
Treasury stock, Common
1688*20		 33,760
Paid-in capital, Treasury stock
(diff)		 6,752
22-Aug Cash 47,804
Paid-in capital, Treasury stock 6,752
Retained earnings 1,684
Treasury stock, Common 56,240
05-Sep Retained earnings 180,000
Common dividend payable 180,000
45000-4500+4500*4
28-Oct Common dividend payable 180,000
Cash 180,000
31-Dec Income summary 368,000
Retained earnings 368,000
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