Journalizing dividend and treasury stock transactions, and preparing stockholders’ equity
The balance sheet of Lennox Health Foods, at December 31, 2011, reported 120,000 shares of no-par common stock authorized, with 25,000 shares issued and a Common stock balance of $190,000. Retained earnings had a balance of $115,000. During 2012, the company completed the following selected transactions:
| Mar | 15 | Purchased 9,000 shares of treasury stock at $8 per share. |
| Apr | 30 | Distributed a 10% stock dividend on the outstanding shares of common stock. |
| Dec | 31 | Earned net income of $110,000 during the year. Closed net income to Retained earnings. |
Requirements
1.Record the transactions in the general journal. Explanations are not required.
2.Prepare the stockholders’ equity section of Lennox Health Foods’ balance sheet at December 31, 2012.
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