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Questions and Answers
What is the total amount of authorized common stock?
What is the par value of the common stock?
What is the total amount of paid-in capital in excess of par value, common stock as of December 31, 2018?
What is the total amount of treasury shares purchased by the company on January 2, 2019?
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What is the total amount of dividend declared on January 5, 2019 per share?
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What is the total amount of credit balance in the Income Summary account closed to Retained Earnings on December 31, 2019?
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Study Notes
Stockholders' Equity at December 31, 2018
- Common stock: $15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding
- Paid-in capital in excess of par value, common stock: $70,000
- Retained earnings: $370,000
- Total stockholders' equity: $1,040,000
Transactions Affecting Stockholders' Equity in 2019
- January 2: Purchased 5,500 shares of treasury stock at $20 cash per share
- January 5: Declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record
- February 28: Paid the dividend declared on January 5
- July 6: Sold 2,063 treasury shares at $24 cash per share
- August 22: Sold 3,437 treasury shares at $17 cash per share
- September 5: Declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record
- October 28: Paid the dividend declared on September 5
- December 31: Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings
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Description
Kohler Corporation's stockholders' equity transactions, including common stock, paid-in capital, and retained earnings. The company purchases its own stock and declares dividends.
