ch14 \ Accounting

[TURKI ALharbi]

On January 1, 2010, Weiser Corporation had the following stockholders’ equity
accounts.
Common Stock ($5 par value, 200,000 shares issued and
outstanding) $1,000,000
Paid-in Capital in Excess of Par Value 200,000
Retained Earnings 840,000
During the year, the following transactions occurred.
Jan. 15 Declared a $1 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.
July 1 Announced a 2-for-1 stock split.The market price per share prior to the announcement
was $17. (The new par value is $2.50.)
Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15,
payable January 10, 2011.
31 Determined that net income for the year was $250,000.
Instructions
(a) Journalize the transactions and the closing entry for net income

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