I've tried everything im just really lost. I have to enter into T accounts.
Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,000
Paid-in capital in excess o stated value-common stock ....1,240,000
Retained Earnings ....$4,875,000
Treasury Stock (48,000 shares at cost) .... 288,000
The following selected transactions occurred during the year:
Jan 15: Paid cash dividends of $0.06 per share on common stock. The dividend had been properly recorded when declared on Dec. 1 of the preceding fiscal year for $34320
Mar.15 Sold all the treasury stock for $6.75 per share.
Apr 13. Issued 200,000 shares of common stock for $8 per share.
June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock which is $7.50 per share.
July 16. Issued the certificates for the dividend declared on June 14
Oct 30. Purchased 50,000 shares of treasury stock for $6 per share.
Dec 30 Declared a $0.08 per share dividend on common stock
31 Closed the credit balance of the income summary account, $775,000.
31. Closed the two dividends accounts