The equity sections from salazar groups 2009 and 2010

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Reference no: EM13606078

The equity sections from Salazar Group's 2009 and 2010 year-end balance sheets follow:

Stockholders' Equity (December 31, 2009)
Common stock-$6 par value, 100,000 shares
authorized, 45,000 shares issued and outstanding . . . . . . . . . . . . . . $ 270,000
Contributed capital in excess of par value, common stock . . . . . . . . . 230,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,000
Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $840,000

Stockholders' Equity (December 31, 2010)
Common stock-$6 par value, 100,000 shares
authorized, 53,200 shares issued, 4,000 shares in treasury . . . . . . . $ 319,200
Contributed capital in excess of par value, common stock . . . . . . . . . 262,800
Retained earnings ($15,000 restricted by treasury stock) . . . . . . . . . . 400,000
982,000
Less cost of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (60,000)
Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $922,000

The following transactions and events affected its equity accounts during year 2010:
Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10.
Mar. 20 Purchased treasury stock for cash.
Apr. 5 Declared a $0.50 per share cash dividend, date of record April 10.
July 5 Declared a $0.50 per share cash dividend, date of record July 10.
July 31 Declared a 20% stock dividend when the stock's market value is $10 per share.
Aug. 14 Issued stock dividend that was declared on July 31.
Oct. 5 Declared a $0.50 per share cash dividend, date of record October 10.
Required
1. How many common shares are outstanding on each cash dividend date?
2. What is the total dollar amount for each of the four cash dividends?
3. What is the amount of the capitalization of retained earnings for the stock dividend?
4. What is the per share cost of the treasury stock purchased?
5. How much net income did the company earn during year 2010?

Reference no: EM13606078

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