Solved by verified expert :on March 1 kiss ell corporations began operations with a charter from the state that authorized100,000 shares of $4 per value common stock. over the next quarter, the the company engaged in the transaction to follow.Mar. 1 Issued 30,000 shares of common stock,$200,000. 2 Paid fees associated with obtaining the charter and starting up and organizing the corporation,$24,000.Apr 10. issued 13,000 shares of common stock, $130,000 15. purchased 5,00 shares of common stock, $50,00May 31. The board of directors declared a $0.20 per share cash dived to be paid on June 15 to shareholders of record on June 10REQUIRED1. Record the above transactions using the T accounts.2. Prepare the stockholders’ equity section of Kissell’s balance sheet on May 31,2014. Net income earned during the first quarter was $30,0003. ACCOUNTING CONNECTION: What effect, if any, will the cash dividend declaration on May 31 have on Kissell”sent incomes, refined earnings, cash flows?
