On January 1, 2014, Everett Corporation had these stockholders’equity accounts. Common Stock ($10 par value, 71,000 shares issuedand outstanding) $710,000 Paid-in Capital in Excess of Par Value483,200 Retained Earnings 611,200 During the year, the followingtransactions occurred. Jan. 15 Declared a $0.70 cash dividend pershare to stockholders of record on January 31, payable February 15.Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a10% stock dividend to stockholders of record on April 30,distributable May 15. On April 15, the market price of the stockwas $12 per share. May 15 Issued the shares for the stock dividend.Dec. 1 Declared a $0.70 per share cash dividend to stockholders ofrecord on December 15, payable January 10, 2015. Dec. 31 Determinedthat net income for the year was $405,900.
1) Journalize the transactions. (Record entries inthe order displayed in the problem statement. Credit account titlesare automatically indented when amount is entered. Do not indentmanually.)
2) Enter the beginning balances andpost the entries to the stockholders’ equity T-accounts.(Post entries in the order of journal entries posted inthe previous part)
3) Prepare the stockholders’ equitysection of the balance sheet at December 31.
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