Unformatted text preview: 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions Journalize the declaration of a 15% stock dividend on December 10, 2010, for the following independent assumptions. 1. Par value is $10, and market value is $18. 2. Par value is $5, and market value is $20. 3) Retained Earnings Statement 1. Declared cash dividends $100,000. 2. Corrected overstatement of 2007 net income because of depreciation error $20,000. 3. Earned net income $500,000. 4. Declared stock dividends $50,000. Prepare a retained earnings statement for the year. On January 1, 2008, Taylor Corporation had retained earnings of $800,000. During the year, Taylor had the following selected transactions....
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This note was uploaded on 02/28/2011 for the course ACC 212 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.
- Spring '11