The ledger of Falcone Company includes the following account balances on 2009 September 30:
|
Appropriation for contingencies |
$210,000 |
|
Appropriation for plant expansion |
392,000 |
|
Retained earnings, un appropriated |
700,000 |
During October 2009, the company took action to:
•Increase the appropriation for contingencies by USD 60,000.
•Decrease the appropriation for plant expansion by USD 160,000.
•Establish an appropriation per loan agreement, with an annual increase of USD 48,000.
•Declare a cash dividend of USD 140,000.
Prepare the journal entries to record these transactions of Falcone Company.