Accounting PR13-4A. Corporations, organizations, Stock transactions, and Dividends.?

Entries for selected corporate transaction Tolbert Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Tolbert enterprises Inc., with balances on January 1, 2012 are as follows: common stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) -$4,000,000 ... show more Entries for selected corporate transaction Tolbert Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Tolbert enterprises Inc., with balances on January 1, 2012 are as follows:

common stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) -$4,000,000

Paid-In capital in Excess of Stated Value - $750,000

Retained Earnings - $ 9,150,000

Treasury stock (40,000 shares, at cost) - $600,000

The following selected transactions occurred during the year:

Jan 4. paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800

Apr 3. Issued $75,000 shares of comon stock for $1,200,000

June 6. Sold all of the treasury stock for $725,000

July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.

Aug 15. Issued the certificates for the dividend declared on July 1.

Nov 10. Purchased 25,000 shares of treasury stock for $500,000

Dec 27. Declared a $0.16-per-share dividend on common stock
31. Closed the credit balance of the income summary account, $950,000
31. Closed the two dividends accounts to Retained Earnings
1)
Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: paid-In Capital from sale of treasury stock; stock dividends distributable; stock dividends; cash dividends
2) Journalize the entries to record the transactions, and post to the eight selected accounts.
3) prepare a retained earnings statement for the year ended December 31, 2012
4) Prepare the stockholders' Equity section of the December 31, 2012, balance sheet.
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