60.1K

Verified Solution

Link Copied!

Green Company reports the following components of stockholders equity on December 31, 2016:

Common stock$10 par value, 140,000 shares authorized, 60,000 shares issued and outstanding	$	600,000
Paid-in capital in excess of par value, common stock		90,000
Retained earnings		500,000
Total stockholders' equity	$	1,190,000

In year 2017, the following transactions affected its stockholders equity accounts.

Jan.		1		Purchased 6,000 shares of its own stock at $23 cash per share.
Jan.		5		Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb.		28		Paid the dividend declared on January 5.
July		6		Sold 2,300 of its treasury shares at $27 cash per share.
Aug.		22		Sold 3,700 of its treasury shares at $20 cash per share.
Sept.		5		Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct.		28		Paid the dividend declared on September 5.
Dec.		31		Closed the $181,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Equity RE Prepare the Statement of Retained Earnings for Green Corporation for the year ended December 31, 2017 GREEN CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 K Trial Balance Stockholders Equity > Prepare the stockholders' equity section of Green Corporation's balance sheet as of December 31, 2017 Dates: Jan 01 to Dec 31 GREEN CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total contributed capital Total stockholders' equity Statement of RE Impact on Equity> Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 6,000 shares of its own stock at $23 cash per share Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28) Paid the dividend declared on January 5 Jul. 6) Sold 2,300 of its treasury shares at $27 cash per share Aug. 22) Sold 3,700 of its treasury shares at $20 cash per share Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28) Paid the dividend declared on September Dec. 31) Closed the $181,000 credit balance (from net income) in the Income Summary account to Retained Earnings Stockholders Equity Impact on Equity

Answer & Explanation Solved by verified expert

See Answer