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Prepare the journal entries for Mueller and Hanson

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Reference no: EM132723280

Problem - Kennington Company had a net income of $90,000 and paid cash dividends of $18,000 for 20--. Mueller and Hanson Company had a net loss of $20,000 and distributed a 10% stock dividend with a market value of $15,000.

1. Prepare the journal entries for Kennington as of December 31, 20--, to close Income Summary and Cash Dividends into Retained Earnings.

2. Prepare the journal entries for Mueller and Hanson as of December 31, 20--, to close Income Summary and Stock Dividends into Retained Earnings.

Reference no: EM132723280

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