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Common stock, $10 par value, 200,000 shares authorized; 120,000 shares issued Paid-in Capital in excess of par value 3,711,250 Retained Earnings 4,651,255 Total Equity 9,562,505

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Common stock, $10 par value, 200,000 shares authorized; 120,000 shares issued
Paid-in Capital in excess of par value3,711,250
Retained Earnings4,651,255
Total Equity9,562,505
Create a journal entry (if needed) for each of the following items.
Prepare an updated equity section of the balance sheet as of December 31, 2016.
1/28/2016Frederick Mining enters into a loan-modification agreement with the bank, agreeing to appropriate $500,000 of retained earnings to loan repayment.
2/15/2016Frederick Mining board of directors declares a $1.50 per share dividend payable on 3/31/2016 to shareholders of record as of 3/15/2016. Frederick uses a dividends account to record dividends declared.
3/31/2016Cash dividend declared on 2/15/2016 is paid.
7/22/2016Frederick Mining board of directors declares a 10% stock dividend to be paid 8/15/2016 to shareholders of record as of 8/1/2016. The market value of the stock is $49 immediately prior to the declaration.
8/15/2016Stock dividend declared on 7/22/16 is paid.
9/18/2016Frederick Mining buys back 5,000 shares of company stock on the open market for $52 per share. The purchased shares are not retired but are held in treasury.
12/31/2016Close out dividends.
12/31/2016Frederick Mining had the following income and expense account balance as of 12/31/2016. Close out income.
DebitCredit
Sales Revenue6,890,000
Cost of Goods Sold4,752,600
Administrative Salary Expense436,500
Office Expense118,560
Depreciation Expense12,000
Transportation Expense18,400
Interest Expense82,800
DateAccount TitleDebitCredit
1/28/2016Account to debitAmount
Account to creditAmount
2/15/2016Account to debitAmount
Account to creditAmount
3/31/2016Account to debitAmount
Account to creditAmount
7/22/2016Account to debitAmount
Account to creditAmount
Account to creditAmount
8/15/2016Account to debitAmount
Account to creditAmount
9/18/2016Account to debitAmount
Account to creditAmount
12/31/2016Account to debitAmount
Account to creditAmount
12/31/2016Account to debitAmount
Account to creditAmount
Account to creditAmount
Account to creditAmount
Account to creditAmount
Account to creditAmount
Account to creditAmount
12/31/2016Account to debitAmount
Account to creditAmount
12/31/2016Account to debitAmount
Account to creditAmount
Frederick Mining Company
Equity Section of Balance Sheet as of December 31, 2016
Account TitleAmount
Account TitleAmount
Account TitleAmount
Account TitleAmount
Account TitleAmount
Total EquityTotal Amount
 
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