Homework Answers
1.journal entry on the date of declaration:
value on date of declaration is relevant.
The increase or decrease after the date of declaration can be ignored.
| date | accounts | debit | credit |
| declaration | Investments in property a/c | 40,000 | |
| ..........To gain on appreciation in property a/c | 40,000 | ||
| (amount = 950,000-910,000 =>40,000) | |||
| 2 | Retained earnings a/c | 950,000 | |
| ............To Property dividends payable a/c | 950,000 |
2. date of record.
| record date | no entry required | xxx | xxx |
3.date of distribution.
| date | accounts | debit | credit |
| distribution | Property dividends payable a/c | 950,000 | |
| ..........To Investments in property a/c | 950,000 | ||
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Problem No. 3 An entity declared property dividend to ordinary shareholders. The property had a carrying...
Q-12 Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of...
Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
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Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
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...
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On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to...
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On October 15, 2018, a 5% stock dividend was declared and distributed. The fair value of...
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Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period...
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The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31,...
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The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31,...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary share capital, P100 par value, 100,000 shares authorized, 10,000 shares issued and outstanding Share premium Retained earnings P1,000,000 250,000 520,000 On the same date, when the shares market price is at P115 per share, the company declared a share dividend to its ordinary shareholders to be distributed on January 31, 2021. Requirements: 1. Journal entry on the date of declaration if the share dividends...
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...
Problem No.4 Warrior Corp., a calendar-year company, had sufficient retained earnings in 2020 as a basis for dividends, but was temporarily short of cash. Warrior declared a dividend of P100,000 on April 1, 2020, and issued promissory notes to its shareholders in lieu of cash. The notes, which were dated April 1, 2020, had a maturity date of March 31, 2021, and a 10% interest rate. Requirements: 1. Journal entry to record the declaration of the dividend on April 1,...
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Cinch has 3,500,000 shares of $0.01 par-value common stock authorized with 1,300,000 shares issued and outstanding. The company has no preferred stock. Record the declaration of the dividend and the payment of the dividend. Include the proper dates with each journal entry. (Record...
On October 15, 2018, a 5% stock dividend was declared and distributed. The fair value of the common stock on this date was $32.4 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights. On the date of declaration and payment, the company had 10.4 million shares of common stock outstanding. The par of the common shares was $5. Required: Prepare any necessary Journal entry to record declaration and distribution of stock...
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 111 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $111,000 666,000 900,000 a. November 1, 2021, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March...
The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: Paid-in capital: Preferred stock, 7.5%, 92,000 shares at $1 par Common stock, 424,280 shares at $1 par Paid-in capital-excess of par, preferred Paid in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,200 common shares Total shareholders' equity 92,000 424, 20e 1,535,000 2,585,000 9, 145, eee (46,200) $13,735,869 During 2018, several events and transactions affected the retained earnings of Consolidated Paper...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
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