Reference no: EM132051106
Question - Balthus Corp. reports the following components of stockholders' equity on December 31, 2013: Common stock-$1 par value, 320,000 shares authorized, 200,000 shares issued and outstanding $ 200,000 Paid-in capital in excess of par value, common stock 1,400,000 Retained earnings 2,160,000 Total stockholders' equity $3,760,00 0 It completed the following transactions related to stockholders' equity in year 2014: Jan. 10 Purchased 40,000 shares of its own stock at $12 cash per share. Mar. 2 Directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 stockholders of record. Mar. 3 1 Paid the dividend declared on March 2. Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share. Nov. 2 5 Sold 16,000 of its treasury shares at $9.50 cash per share. Dec. 1 Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record. Dec. 3 1 Closed the $1,072,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Prepare journal entries to record each of these transactions for 2014.
Prepare a statement of retained earnings for the year ended dec 31, 2014.
Prepare the stockholder' equity section of the company's balance sheet as of Dec 31, 2014.
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