can you explain each step? still confused. answer may not be right on paper.
where does 5760000 come on first entry part 2?
Homework Answers
a.
No journal entry is required,
Only shares issued and outstanding changes and par value
changes
It will be
Common Stock, $1.5 par, 8 million shares = $12,000,000
b. Since 30% stock dividend is considered large, it is recorded at par value
| Date | Account Titles | Debit | Credit | |
| May-01 | Retained Earnings | $ 3,600,000 | =4000000*30%*3 | |
| Stock Dividend Distributable | $ 3,600,000 | |||
| (Stock dividend declared) | ||||
| Jun-01 | No entry | |||
| Jun-15 | Stock Dividend Distributable | $ 3,600,000 | ||
| Common Stock | $ 3,600,000 | |||
| (Common stock issued for stock dividend declared) | ||||
c. Since 12% stock dividend is considered small, it is recorded at market price at date of Dividend declared
| Date | Account Titles | Debit | Credit | |
| May-01 | Retained Earnings | $ 5,760,000 | =4000000*12%*12 | |
| Stock Dividend Distributable | $ 1,440,000 | =4000000*12%*3 | ||
| Paid in capital in excess of par, common | $ 4,320,000 | =5760000-1440000 | ||
| (Stock dividend declared) | ||||
| Jun-01 | No entry | |||
| Jun-15 | Stock Dividend Distributable | $ 1,440,000 | ||
| Common Stock | $ 1,440,000 | |||
| (Common stock issued for stock dividend declared) | ||||
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can you explain each step? still confused. answer may not be
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where does...
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Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
On June 13, the board of directors of Siewert Inc. declared a
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Prepare the journal entry to record the stock split if it is to be
effected in the form of a 100% stock dividend. What is the par per
share after the split?
PLEASE NOTE = $.50 and $12.50
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