Posted: December 13th, 2023

Eureka enterprises Inc. manufactures bathroom fixtures.

Eureka enterprises Inc. manufactures bathroom fixtures.
The stockholders' equity accounts of the company, with balances on Jan. 1,
2008, are as follows:

Common Stock, $10 stated value
(500,000 shares authorized, 380,000 shares
issued)............................$3,800,000

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Paid-in Capital in Excess of Stated
value.................................................................................................760,000
Retained Earnings...................................................................................4,390,000
Treasury Stock (25,000 shares, at cost).......................................................500,000

The following selected transactions occurred during
the year:

Jan. 10 Paid cash dividends of $0.20 per share on
the common stock. The dividend had been properly recorded when declared on Dec.
30 of the proceeding fiscal year for $71,000.
Mar. 3 Issued 20,000 shares of
common stock for $460,000.
May 21 Sold all of the treasury stock for
$650,000.
July 1 Declared a 3% stock dividend
on common stock, to be capitalized at the market price of the stock, which is
$30 per share.
Aug. 15 Issued the certificates for the dividend
declared on July1.
Sep 30 Purchased 10,000 shares of
treasury stock for $230,000
Dec. 27 Declared a $0.25 per share dividend on
common stock
Dec. 31 Closed the credit balance of the income
summary account, $639,500.
Dec. 31 Closed the two dividends accounts to
Retained Earnings.

Instructions:
1. Enter the Jan. 1 balances in T accounts
for the stockholders' equity accounts listed. Also prepare T accounts for the
following: Paid-In Capital from the Sale of Treasury Stock; Stock Dividends
Distributable; Stock Dividends; Cash Dividends.
2. Journalize the entries to record the transactions,
and post to eight selected accounts.
3. Prepare a retained earnings statement for the year
ended Dec. 31, 2008.
4. Prepare the Stockholders' Equity section of the
Dec. 31, 2008 balance sheet

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