Home / Questions / On January 1 2015 Wirth Corporation a publicly traded company had these shareholders’ equi...
On January 1, 2015, Wirth Corporation, a publicly traded company, had these shareholders’ equity accounts: Common shares (unlimited number of shares authorized, 110,000 shares issued) …………………………………………..$1,100,000 Retained earnings ………………………………………………. 540,000 Accumulated other comprehensive income ……………………. 60,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Apr. 15 Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 15, April 30, and May 15, the share prices were $15, $13.50, and $14, respectively. Oct. 1 Effected a 2-for-1 stock split. On October 1, the share price was $20. Dec. 31 Determined that profit for the year was $350,000. Instructions (a) Record the above transactions, including any required entries to close dividends and profit to Retained Earnings. (b) Open T accounts as required and post to the shareholders’ equity accounts. (c) Prepare a statement of changes in equity for the year. (d) Prepare the shareholders’ equity section of the statement of financial position at December 31. View Solution:
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