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Annual Report for Malibu Beachwear Assignment | Top Universities

The annual report for Malibu Beachwear reported the following transactions affecting stockholders’ equity:

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a)Purchased $351,800 of common stock now held in the treasury.

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B)Declared cash dividends in the amount of $260,900.

c)Paid the dividends in (b).

d)Issued 118,000 new shares of $0.10 par value common shares for $2 per share.

e)Closed the Dividend account.

1)Required: Indicate the effect (+ for the increase, − for decrease, +/− for increase/decrease) of each of these transactions on total assets, liabilities, and stockholders’ equity.

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2. Prepare journal entries to record each of these events

3. Prepare a statement of stockholders’ equity, assuming the following opening balances.

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Stockholders' Assets Liabilities Equity а. b. C. d. е. Additional Paid-In Capital Treasury Stock Retained Common Stock Earnings Beginning $ $ $ 13,400 199,000 151,800 10 Stock Issuances Net Income 288,000 Dividends: Common Ending $ $ 13,400 199,000 439,800.  Get Accounting Homework Help Today

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