Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings?

Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders’ equity The balance sheet of Consulting, Inc., at December 31, 2011, reported the following stockholders’ equity: Paid-in capital: Common stock, $10 par, 200,000 shares... show more Journalizing dividend and treasury stock transactions, preparing a
statement of retained earnings, and preparing stockholders’ equity



The balance sheet of Consulting, Inc., at December 31,
2011, reported the following stockholders’ equity:

Paid-in capital:
Common stock, $10 par, 200,000 shares authorized,
15,000 shares issued . . . . . . . . . . . . . . . . . . . . . . . . .150000
Paid-in capital in excess of par—common . . . . . . . . . .310,000
Total paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . .460,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . .162,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . $ 622,000

During 2012, Goldstein completed the following selected transactions

Feb 6 Distributed a 5% stock dividend on the common stock. The market value of Goldstein’s
stock was $21 per share.

Jul 29 Purchased 2,300 shares of treasury stock at $21 per share.

Nov 27 Declared a $0.10 per share cash dividend on the 13,450 shares of common stock
outstanding. The date of record is December 17, 2012, and the payment date is January 7, 2013.

Dec 31 Closed the $81,000 net income to Retained earnings.
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