Prepare journal entries for the transactions.
CASH DIVIDEND AND APPROPRIATION OF RETAINED EARNINGS On
January 1, 20--, MacMillan
Company's retained earnings accounts had the following
balances:
Appropriated for warehouse
Unappropriated retained earnings
$ 80,000
600,000
$680,000
During the year ended December 31, 20--, MacMillan completed the following
selected transactions:
Mar. 16 MacMillan's board of directors appropriated $75,000 for acquisition of
new computers.
Nov. 5
5
Purchased a new warehouse for $80,000, paying cash for the total amount.
The board of directors returned the amount of retained earnings set
aside for the warehouse to
unappropriated retained earnings.
12 Declared a cash dividend of $0.65 per share on common stock to share-
holders of record on
December 8, payable on December 19. Currently,
30,000 shares of common
stock are outstanding.
Dec. 19 Paid the cash dividends.
REQUIRED
Prepare journal entries for the transactions
