90.2K

Verified Solution

Link Copied!

The equity section from the December $31,2020$ balance sheet of Kentucky Corporation appeared as follows:

$20212020$

Contributed capital:

Common shares, $52,500$ shares authorized; $25,680$ and $23,600$ shares issued and outstanding, respectively. $ $716,900$ $ $658,440$

Retained earnings $473,600564,600$

The following transactions occurred during $2021($assume the retirements were the first ever recorded by Kentucky$)$:

Jan. $5$ A $$1\mathrm{.}50$ per share cash dividend was declared, How many shares were outstanding on each of the cash dividend dates?

$2.$ How much profit did the company earn during $2021?$

$3.$ Prepare the statement of changes in equity for the year ended December $31,2021.($Deductible values should be indicated by a minus sign.$)$and the date of record was five days later.

Mar. $202,200$ common shares were repurchased and retired at $$27\mathrm{.}90$ per share.

Apr. $5$ A $$0\mathrm{.}90$ per share cash dividend was declared, and the date of record was five days later.

July $5$ A $$1\mathrm{.}70$ per share cash dividend was declared, and the date of record was five days later.

July $31$ A $20\mathrm{.}00\%$ share dividend was declared when the market value was $$28\mathrm{.}00$ per share.

Aug. $14$ The share dividend was issued.

Oct. $5$ A $$1\mathrm{.}70$ per share cash dividend was declared, and the date of record was five days later.

Required:

$1.$ How many shares were outstanding on each of the cash dividend dates?

Answer & Explanation Solved by verified expert

See Answer