Problem 11-7A (Part Level Submission) - Need ASAP

Common Stock ($14 par value, 81,500 shares issued and outstanding)

$1,141,000

Paid-in Capital in Excess of Par Value-Common Stock

212,900

Retained Earnings

507,900

Jan. 15

Declared a $1.20 cash dividend per share to stockholders of record on January 31, payable February 15.

Feb. 15

Paid the dividend declared in January.

Apr. 15

Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share.

May 15

Issued the shares for the stock dividend.

July 1

Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $7.)

Dec. 1

Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2015.

Dec. 31

Determined that net income for the year was $235,100.