Business, 26.03.2020 22:36 davidgritz2006

Kingbird Company has the following stockholders’ equity accounts at December 31, 2017.Common Stock ($100 par value, authorized 8,600 shares) $473,000Retained Earnings 281,300Prepare entries in journal form to record the following transactions, which took place during 2018.(1) 280 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.)(2) A $21 per share cash dividend was declared.(3) The dividend declared in (2) above was paid.(4) The treasury shares purchased in (1) above were resold at $102 per share.(5) 460 shares of outstanding stock were purchased at $105 per share.(6) 350 of the shares purchased in (5) above were resold at $97 per share. Prepare the stockholders’ equity section of Kingbird Company’s balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $103,200. State law requires restriction of retained earnings for the amount of treasury stock.

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Kingbird Company has the following stockholders’ equity accounts at December 31, 2017.Common Stock (...

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