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Timpano Communication Inc. had the following shareholders' equity on January 1, 2017:
Jan. 14 Declared a $90,000 cash dividend, payable on March 1 to the shareholders of record on
February 1. Indicate the amount payable to each class of shareholder.
Apr. 1 Declared a 10 percent stock dividend on the common shares, distributable on May 2 to
the shareholders of record on April 15. The market value of the shares was $6.40 per share.
Jul. 4 Repurchased 3,000 of the company's own common shares at $7.00 per share.
Required
1. Record the transactions in the general journal. Explanations are not required.
2. Prepare the statement of shareholders' equity for the year ended December 31, 2017.
ANSWER
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equity-on-january/
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