William V. Clark
ACC 306 Intermediate Accounting II
Instructor Harper
February 22, 2014
E 18-18
Requirement 1
Retirement of common shares: ($ In millions)
Common stock (5 million shares x $1 par per share) 5
Paid-in capital – excess of par ($22-5-2) 15
Retained earnings (given) 2
Cash 22
Net income closed to retained earnings
Income summary 88
Retained earnings (given) 88
Declaration of a cash dividend
Retained earnings (given) 33
Cash 33
Declaration of a stock dividend
Retained earnings (given) 20
Common stock (105-5) x4%) shares (in millions) at $1 par per share 4
Requirement 2
Brenner – Jude Corporation
Statement of Retained Earnings
For the year ended December 31, 2011
($ In...