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Sandhill Corporation has outstanding 2,981,000 shares of common
stock with a par value of $10 each. The balance in its Retained
Earnings account at January 1, 2020, was $24,083,000, and it then
had Paid-in Capital in Excess of Par—Common Stock of $4,991,000.
During 2020, the company’s net income was $4,741,000. A cash
dividend of $0.60 a share was declared on May 5, 2020, and was paid
June 30, 2020, and a 6% stock dividend was declared on November 30,
2020,...
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Indigo Corporation has outstanding 2,972,000 shares of common
stock with a par value of $10 each. The balance in its Retained
Earnings account at January 1, 2020, was $24,230,000, and it then
had Paid-in Capital in Excess of Par—Common Stock of $4,994,000.
During 2020, the company’s net income was $4,694,000. A cash
dividend of $0.60 a share was declared on May 5, 2020, and was paid
June 30, 2020, and a 6% stock dividend was declared on November 30,
2020,...
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Problem 15-11 a-c1 Bramble Corporation has outstanding 2,979,000 shares of common stock with a par value of $10 each. The balance in its Retained Earnings account at January 1, 2020, was $23,993,000, and it then had Paid-in Capital in Excess of Par-Common Stock of $4,983,000. During 2020, the company's net income was $4,658,000. A cash dividend of $0.60 a share was declared on May 5, 2020, and was paid June 30, 2020, and a 6% stock dividend was declared on...
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Problem 15-11 Stellar Corporation has outstanding 3,002,000 shares with common stock of a par value of $10 each. The balance in its Retained Earnings account at January 1, 2017, was $24,126,000, and it then had Paid-in Capital in Excess of Par-Common Stock of $4,995,000. During 2017, the company's net income was $4,715,000 A cash dividend of $0.60 a share was declared on May 5, 2017, and was paid June 30, 2017, and a 6% stock dividend was declared on November...
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Stock Dividends Witt Corporation has 80,000 shares of $5 par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration date is $20 per share. Four weeks later, the company issues the shares of stock to stockholders. a. Prepare the journal entry for the declaration of the stock dividend. b. Prepare the journal entry for the issuance of the stock dividend. C. Assume that the company declared...
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Cash and Stock Dividends Debra Corporation has 24,000 shares of $1 par value common stock outstanding. The company has $200,000 of retained earnings. At year-end, the company declares a cash dividend of $2.00 per share and a five percent stock dividend. The market price of the stock at the declaration date is $24 per share. Three weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividend. b. Prepare the journal entry...
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Odessa Corporation had 20,000 shares of $2 par value common
stock outstanding on July 1. On that day, the board of directors
declared a 10% stock dividend when the market value of each share
was $9. The stock dividend is to be distributed on July 20 to
stockholders of record on July 10. The entry to record the dividend
declaration is:
a) Debit Retained Earnings $18,000; credit Common Stock
Dividends Distributable $4,000; credit Paid-In Capital in Excess of
Par Value,...
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Odessa Corporation had 20,000 shares
of $2 par value common stock outstanding on July 1. On that day,
the board of directors declared a 10% stock dividend when the
market value of each share was $9. The stock dividend is to be
distributed on July 20 to stockholders of record on July 10. The
entry to record the dividend declaration is:
No entry is made until the stock is
issued.
Debit retained Earnings $18,000;
credit Common Stock Dividends Distributable $4,000;...
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1)Madrid Corporation has 17,000 shares of $70 par common stock
outstanding. On June 8, Madrid Corporation declared a 5% stock
dividend to be issued August 12 to stockholders of record on July
13. The market price of the stock was $81 per share on June 8.
Journalize the entries required on June 8, July 13, and August
12. For a compound transaction, if an amount box does not require
an entry, leave it blank. If no entry is required, select...
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4. A corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 30%. At the time of the stock dividend, the market value per share was $12. The entry to record this dividend is: A. Debit Retained Earnings $36,000; credit Common Stock $36,000. B. Debit Retained Earnings $36,000; credit Common Stock $30,000, credit Paid-In Capital in Excess of Par Value $6,000. C. Debit Common Stock $36,000; credit Retained Earnings...
Problem 15-11 a-c1 Bramble Corporation has outstanding 2,979,000 shares of common stock with a par value of $10 each. The balance in its Retained Earnings account at January 1, 2020, was $23,993,000, and it then had Paid-in Capital in Excess of Par-Common Stock of $4,983,000. During 2020, the company's net income was $4,658,000. A cash dividend of $0.60 a share was declared on May 5, 2020, and was paid June 30, 2020, and a 6% stock dividend was declared on...
Problem 15-11 Stellar Corporation has outstanding 3,002,000 shares with common stock of a par value of $10 each. The balance in its Retained Earnings account at January 1, 2017, was $24,126,000, and it then had Paid-in Capital in Excess of Par-Common Stock of $4,995,000. During 2017, the company's net income was $4,715,000 A cash dividend of $0.60 a share was declared on May 5, 2017, and was paid June 30, 2017, and a 6% stock dividend was declared on November...
Stock Dividends Witt Corporation has 80,000 shares of $5 par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration date is $20 per share. Four weeks later, the company issues the shares of stock to stockholders. a. Prepare the journal entry for the declaration of the stock dividend. b. Prepare the journal entry for the issuance of the stock dividend. C. Assume that the company declared...
Cash and Stock Dividends Debra Corporation has 24,000 shares of $1 par value common stock outstanding. The company has $200,000 of retained earnings. At year-end, the company declares a cash dividend of $2.00 per share and a five percent stock dividend. The market price of the stock at the declaration date is $24 per share. Three weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividend. b. Prepare the journal entry...
4. A corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 30%. At the time of the stock dividend, the market value per share was $12. The entry to record this dividend is: A. Debit Retained Earnings $36,000; credit Common Stock $36,000. B. Debit Retained Earnings $36,000; credit Common Stock $30,000, credit Paid-In Capital in Excess of Par Value $6,000. C. Debit Common Stock $36,000; credit Retained Earnings...