On January 1, 2014, Dingler Corporation had the following stockholders’ equity accounts.
|
Common Stock (no-par value, 100,000 shares issued and outstanding) |
$2,800,000 |
|
Retained Earnings |
1,000,000 |
During the year, the following transactions occurred.
|
1 |
Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. |
|
|
1 |
Paid the dividend declared in February. |
|
|
1 |
Announced a 4-for-1 stock split. Prior to the split, the market price per share was $36. |
|
|
July |
1 |
Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $13 per share. |
|
31 |
Issued the shares for the stock dividend. |
|
|
1 |
Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2015. |
|
|
31 |
Determined that net income for the year was $700,000. |
Instructions
Prepare the stockholders’ equity section of the balance sheet at (a) March 31, (b) June 30, (c) September 30, and (d) December 31, 2014.