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Problem 11-8A On January 1, 2014, Everett Corporation had these stockholders
$ 10.00

Problem 11-8A

On January 1, 2014, Everett Corporation had these stockholders’ equity accounts.

Common Stock ($10 par value, 83,700 shares issued and outstanding)

 

$837,000

Paid-in Capital in Excess of Par Value

 

523,100

Retained Earnings

 

681,100


During the year, the following transactions occurred.

Jan. 15

 

Declared a $0.60 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 $15 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, 2015.

Dec. 31

 

Determined that net income for the year was $401,100.

 
Category: Education, General
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