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# AC202 Week 1 Homework Answers - Problem 13-2A(60 minutes...

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Problem 13-2A (60 minutes) Part 1 Jan. 1 Treasury Stock, Common .................................. 112,500 Cash .............................................................. 112,500 Purchased treasury stock (4,500 x \$25). Jan. 5 Retained Earnings .............................................. 121,500 Common Dividend Payable .......................... 121,500 Declared \$3 dividend on 40,500 outstanding shares. Feb. 28 Common Dividend Payable ................................ 121,500 Cash .............................................................. 121,500 Paid cash dividend. July 6 Cash* ................................................................... 48,952 Treasury Stock, Common** .......................... 42,200 Paid-In Capital, Treasury Stock*** ............... 6,752 Reissued treasury stock. *(1,688 x \$29) **(1,688 x \$25) ***(1,688 x \$4) Aug. 22 Cash* ................................................................... 61,864 Paid-In Capital, Treasury Stock ......................... 6,752 Retained Earnings .............................................. 1,684 Treasury Stock, Common** .......................... 70,300 Reissued treasury stock. *(2,812 x \$22) **(2,812 x \$25) Sept. 5 Retained Earnings .............................................. 135,000 Common Dividend Payable .......................... 135,000 Declared \$3 dividend on 45,000 outstanding shares. Oct. 28 Common Dividend Payable ................................ 135,000 Cash .............................................................. 135,000 Paid cash dividend. Dec. 31 Income Summary ................................................ 388,000 Retained Earnings ........................................ 388,000 Closed Income Summary account.

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Problem 13-2A ( Concluded) Part 2 ROCKLIN CORPORATION Statement of Retained Earnings For Year Ended December 31, 2010 Retained earnings, December 31, 2009 ........................ \$ 460,000 Plus net income ............................................................. 388,000 848,000 Less:Cash dividends declared ..................................... (256,500) Treasury stock reissuances ................................ (1,684 ) Retained earnings, December 31, 2010 ........................ \$ 589,816 Part 3
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AC202 Week 1 Homework Answers - Problem 13-2A(60 minutes...

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