Dunst Company had the following shareholders' equity account balances on December 31,2011:
During 2012,the following transactions occurred:
i.May 1: Dunst resold 1,600 of the treasury shares at $52 per share.
ii.Dec.30: The board of directors declared cash dividends of $2 per share.
iii.Dec.31: Net income for the year ended December 31,2012 was $150,000.
Dunst uses the single transaction method for treasury shares.
Requirements:
a.Record the journal entries for the transactions in 2012 and make all the necessary year-end entries relating to shareholders' equity accounts.
b.Prepare the presentation of the shareholders' equity section of Dunst's balance sheet as at December 31,2012.
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