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Icandoit Corporation has the following items in shareholders’ equity as at December 31 2012: Preferred shares, $0.

Treasury stock, common, 3,900 shares

70,200

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The following transactions and events happened in 2013, in chronological order:

a.    A cash dividend of $67,000 was declared and paid. No dividends had been paid in 2012.

b.    3,400 Treasury shares were bought for $75,800.

c.    1,950 Preferred shares were purchased and retired for $131 per share.

d.    A common stock dividend of 10% was issued. Treasury shares were considered ineligible for the stock dividend, by order of the Board of Directors. The dividend was valued at $43 per share.

e.    Earnings for the year were $1,740,000.

Required:

1.    Prepare the journal entries for the above transactions.

2.    Calculate what the balance is in the Retained Earnings account after the above transactions have been recorded.

 

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