RETAINED EARNINGS ACCOUNTS AND STATEMENT On January 1, 20–, Nguyen Company’s retained earnings… Assignment Help

  

RETAINED EARNINGS ACCOUNTS AND STATEMENT On January 1, 20–,Nguyen Company’s retained earnings accounts had the followingbalances: Appropriated for land acquisition $ 75,000 Unappropriatedretained earnings 825,000 $900,000 During the year ended December31, 20–, Nguyen completed the following selected transactions:Mar. 20 Declared a semiannual dividend of $0.75 per share onpreferred stock and $0.20 per share on common stock to shareholdersof record on April 10, payable on April 15. Currently, 12,000shares of $50 par preferred stock and 90,000 shares of $2 parcommon stock are outstanding. Apr. 15 Paid the cash dividends. Oct.10 Declared semiannual dividend of $0.75 per share on preferredstock and $0.20 per share on common stock to shareholders of recordon November 5, payable on November 10. Nov. 10 Paid the cashdividends. 17 Declared a 10% stock dividend to shareholders ofrecord on December 8, distributable on December 15. Market value ofthe common stock was estimated at $13 per share. Dec. 15 Issuedcertificates for common stock dividend. 31 Net income for 20– was$260,000. Closed the income summary account. 31 Closed the cashdividends and stock dividends accounts. REQUIRED 1. Prepare journalentries for the transactions. 2. Post all entries affecting theretained earnings accounts to T accounts. 3. Prepare a statement ofretained earnings for the year ended December 31, 20–. (Heintz839-840) Heintz, James A. College Accounting, Chapters 1-27, 22ndEdition. Cengage Learning, 20160101. VitalBook file. The citationprovided is a guideline. Please check each citation for accuracybefore use.

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