Need help correcting Upperchurch Company reports the following components of stockholders' equity on January 1.Common stock-$10 par value, 130,e0e shares authorized,se, eee shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings$ 500, e0e75, 000410,000$ 985, 08eTotal stockholders' equityDuring the year, the following transactions affected its stockholders' equity accounts.Jan.Jan.Feb.2 Purchased 5,e00 shares of its Own stock at $23 cash per share.5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.28 Paid the dividend declared on January 5.6 Sold 1,98e of its treasury shares at $27 cash per share.22 Sald 3,1ee of its treasury shares at $20 cash per share.JulyAug.Sept, 5 0irectors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.28 Paid the dividend declared on September 5.31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Oct.Dec,X Answer is not complete.GeneralJournalGeneralRequirementStatement of StockholdersREImpact onEquityTrial BalanceLedgerEquityFor each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negativevalues. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on thebalance sheet.Dates: Jan 01v to: Dec 31Impact on equity%24Tatal Stockholders' Equity - January 1s 985,000Jan. 2) Purchased 5,000 shares of its ownstock at $23 cash per share.Jan. 5) Directors declared a $2 per share cashdividend payable on Feb. 28 to the Feb. 5stockholders of record.Stockholders' equitydecreased115,000 XStockholders' equitydecreased90,000 XFeb. 28) Paid the dividend declared onJanuary 5Jul 6) Sold 1.900 of its treasury shares at $27cash per share.Aug 22) Sold 3,100 of its treasury shares at$20 cash per share.Sep 5) Directors declared a $2 per share cashdividend payable on October 28 to theSeptember 25 stockholders of record.No change in total equityStockholders' equity51,300 OincreasedStockholders' equity62,000 OincreasedStockholders' equitydecreased100,000 OOct. 28) Paid the dividend declared onSeptember 5Dec 31) Closed the $214,000 credit balance(from net income) in the Income Summaryaccount to Retained EarningsTetul Canhunldare Emsitu-raim dtart n Nanamhar 1No change in total equityStockholders' equity214,000 Oincreasedraledaterd nn Pareurmhar 11S 1617 30n

Date Transaction Impact on Equity Amount Jan'1 Total Stockholders' Equity - January'1 $…

Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,e00 shares authorized, se, eee shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ se0, e00 75, 00 410,000 Tatal stockholders' equity $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. 2 Purchased 5,eee shares of its own stock at $23 cash per share. S Directors declared a $2 per share cash dividend payable an February 28 to the February 5 stockholders of record. Z8 Paid the dividend declared on January S. 6 Sold 1,98e of its treasury shares at $27 cash per share. July 22 Sald 3,1ee of its treasury shares at $20 cash per share. Aug. Sept, 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214.0e8 cretit halance (fnom n Oct. Dec.

Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,e00 shares authorized, se, eee shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ se0, e00 75, 00 410,000 Tatal stockholders' equity $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. 2 Purchased 5,eee shares of its own stock at $23 cash per share. S Directors declared a $2 per share cash dividend payable an February 28 to the February 5 stockholders of record. Z8 Paid the dividend declared on January S. 6 Sold 1,98e of its treasury shares at $27 cash per share. July 22 Sald 3,1ee of its treasury shares at $20 cash per share. Aug. Sept, 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214.0e8 cretit halance (fnom n Oct. Dec.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...

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