prepare the stockholders equity section of the balance sheet at a march 31 b june 30 619735

On January 1, 2014, 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.

1

Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.

1

Paid the dividend declared in February.

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.

1

Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2015.

31

Determined that net income for the year was $350,000.

Instructions

Prepare the stockholders’ equity section of the balance sheet at (a) March 31, (b) June 30, (c) September 30, and (d) December 31, 2014.