The stockholders equity section of Benton Corporations balance sheet as of December 31, 2012 is as follows: Stockholders Equity Common stock, $5 par value; authorized, 2,000,000 shares: issued , 400,000 shares$ 2,000,000 Pain in capital in excess of par850,000 Retained earnings3,000,000 $5,850,000 The following event occurred during 2013: 1. Jan 5: 20,000 shares of authorized and unissued common stock were sold $8 per share 2. Jan 16: Declared a cash dividend of 20 cents per share, payable February 15 to stockholders of record on February 5. 3. Feb 10: 30,000 shares of authorized and unissued common stock were sold for $12 per share. 4. March 1: A 30% stock dividend was declared and issued. Fair value per share is currently $15. 5. April 1: A two-for-one stock split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share. 6. July 1: A 15% stock dividend was declared and issued. Fair value is currently $10 per share. 7. Aug 1: A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21. Instructions:
Enter the above events into the following work sheet showing how each event affects the column. Event No. 1 will serve as an example. Item No. of shares issued Total par value Paid in capital excess of par Retained earnings Beg. Balance 1/1/13 400,000 $2,000,000 $850,000 $3,000,000 Event #1 Jan 5 20,000 100,000 60,000 -0- Balance 420,000 $2,100,000 $910,000 $3,000,000 Event # 2 Jan 16