The stockholders equity sec±on of the balance sheet of Frederick Mining Company is as foFrederick Mining CompanyEquity Sec±on of Balance Sheet as of January 1, 2016
The stockholders equity sec±on of the balance sheet of Frederick Mining Company is as foFrederick Mining CompanyEquity Sec±on of Balance Sheet as of January 1, 2016Common stock, $10 par value, 200,000 shares authorized120,000 shares issued1,200,000Paid-in capital in excess of par value3,711,250Retained earnings4,651,255Total equity9,562,505Create a journal entry (if needed) for each of the following items.Prepare an updated equity sec±on of the balance sheet as of December 31, 2016.Scroll d1/28/2016 Frederick Mining enters into a loan-modi³ca±on agreement with the bank, agreeing to ap2/15/2016 Frederick Mining board of directors declares a $1.50-per-share dividend payable on 3/31/3/31/2016 Cash dividend declared on 2/15/2016 is paid.7/22/2016 Frederick Mining board of directors declares a 10% stock dividend to be paid 8/15/2016 to8/15/2016 Stock dividend declared on 7/22/16 is paid.9/18/2016 Frederick Mining buys back 5,000 shares of company stock on the open market for $52 pe12/31/2016 Frederick Mining had the following income and expense account balance as of 12/31/201DebitSales revenueCost of goods sold4,752,600Administra±ve salary expense436,500O´ce expense118,560Deprecia±on expense12,000Transporta±on expense18,400Interest expense82,80012/31/2016 Close out dividends.Journal EntriesDebit
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