Question

On January 1, 2017, Culver Corporation had these stockholders’ equity accounts.

Common Stock ($10 par value, 81,500 shares issued and outstanding)		$815,000
Paid-in Capital in Excess of Par Value		483,000
Retained Earnings		620,000

During the year, the following transactions occurred.

Jan.	15		Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb.	15		Paid the dividend declared in January.
Apr.	15		Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share.
May	15		Issued the shares for the stock dividend.
Dec.	1		Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2018.
Dec.	31		Determined that net income for the year was $353,000.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.

Answer 1