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    Harvard university
    Feb-1997 - Aug-2003

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Category > Accounting Posted 09 May 2017 My Price 10.00

Kohler Corporation

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:
Common stock—$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding
$900,000 Paid-in capital in excess of par value, common stock $60,000 Retained earnings $400,000 Total stockholders’ equity $ 1,360,000 In year 2016, the following transactions affected its stockholders’ equity accounts.
Jan. 1 Purchased 5,000 shares of its own stock at $15 cash per share.
Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of
record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,875 of its treasury shares at $19 cash per share.
Aug. 22 Sold 3,125 of its treasury shares at $12 cash per share.
Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25
stockholders of record.
Oct. 28 Paid the dividend declared on September 5.
Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to
Retained Earnings. Prepare journal entries to record each of these transactions for 2016.

Answers

SuperTutor
(15)
Status NEW Posted 09 May 2017 06:05 AM My Price 10.00

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