Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20–. Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000. 1. Prepare the journal entries for Adriana as of December 31, 20–, to close Income Summary and Cash Dividends into Retained Earnings. 2. Prepare the journal entries for Overman as of December 31, 20–, to close Income Summary and Stock Dividends into Retained Earnings.View Solution:
Adriana Company had a net income of 130 000 and paid
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