Question: on january 1 2020 ven corporation had the following stockholders...
On January 1, 2020, Ven Corporation had the following stockholders’ equity accounts.
Common Stock (no par value, 90,000 shares issued and outstanding) $1,600,000
Retained Earnings 500,000
During the year, the following transactions occurred.
Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1 Paid the dividend declared in February.
Apr. 1 Announced a 3-for-1 stock split. Prior to the split, the market price per share was $36.
July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $16 per share.
31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.5 per share dividend to stockholders of record on December 15, payable January 5, 2021.
31 Determined that net income for the year was $350,000.