The Following Selected Transactions Took Place During the Current Year

question 66

Essay

The following selected transactions took place during the current year for a company:
$$\begin{array} { | l | l | } \hline \text { March } 25 & \begin{array} { l } \text { Declared a } \$ 2 \text { per share cash dividend on } 20,000 \text { shares of coommon Stock } \\\text { outstarding }\end{array} \\\hline \text { April } 20 & \text { Paid the cash dividends declared on March } 25 . \\\hline \text { Dec. } 31 & \begin{array} { l } \text { Closed the } \$ 52,000 \text { credit balance in Income Summary that reflects net } \\\text { income to Retained Earnings. }\end{array} \\\hline\end{array}$$ (a) Prepare the journal entries for these transactions.
(b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end balance as of December 31.

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Definitions:

Institutional Review Boards

Committees that review research proposals to ensure ethical standards are met, particularly for human subjects.

Medical Researchers

Professionals who conduct studies and experiments to advance knowledge in medicine, aiming to improve health outcomes and develop new treatments.

Ethically

In a manner that is morally right, adhering to accepted principles of right and wrong governing the conduct of a person or the members of a profession.