P12-7A On January 1, 2008, Snider Corporation had the following stockholders' equity accounts-ANSWER KEY

P12-7A On January 1, 2008, Snider Corporation had the following stockholders' equity accounts.


Common Stock ($10 par value, 90,000 shares issued and outstanding) $900,000
Paid-in Capital in Excess of Par Value 200,000
Retained Earnings 540,000
During the year, the following transactions occurred.

Jan. 15 Declared a $1 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 $15 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 $17. (The new par value is $5.)
Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 10, 2009.
Dec. 31 Determined that net income for the year was $250,000.

Journalize the transactions and the closing entry for net income

Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.)


Prepare a stockholders' equity section at December 31.

SNIDER CORPORATION
Balance Sheet (Partial)
December 31, 2008
Stockholders' equity
Paid-in capital

,
$ par value,
shares issued and outstanding $


Total paid-in capital

Total stockholders' equity $

Here's the SOLUTION