E15.15B (L0 3) (Dividend Entries) The following data were taken from the balance sheet accounts of...
E15.15B
(L0 3)
(Dividend Entries)
The following data were taken from the balance sheet accounts of Symbol Two
Corporation on June 30, 2019:
Current assets
$125,000
Investments 365,000
Common stock (par value $1)
70,000
Paid-in capital in excess of par
680,000
Retained earnings
963,000
Instructions
Prepare the required journal entries for the following unrelated items:
(a)
The par value of the capital stock is reduced to $0.50 with a 2-for-1 stock split.
(b)
A 10% stock dividend is declared and distributed at a time when the market value of the shares is $25 per
share.
(c)
A property dividend is declared September 12, 2020, and paid October 1, 2020, in common shares in another
company held as an equity investment. The equity investment has a book value of $50,000 and a fair market
value of $205,000.
Homework Answers
(a) -- The par value of the capital stock is reduced to $0.50 with a 2-for-1 stock split.
Answer -
No Journal Entry.
.
(b) -- A 10% stock dividend is declared and distributed at a time when the market value of the shares is $25 per.
Answer -
| General journal | Debit ($) | Credit ($) |
|
Retained Earnings [(70000 shares * 10%) * $25] Common Stock Dividend Distributable [(70000 shares * 10%) * $1] Paid-in Capital in Excess of Par [Difference] (To record stock dividend declared) |
175000 - - |
- 7000 168000 |
|
Common Stock Dividend Distributable Common Stock (To record stock dividend distributed) |
7000 - |
- 7000 |
.
(c) -- A property dividend is declared September 12, 2020, and paid October 1, 2020, in common shares in another company held as an equity investment. The equity investment has a book value of $50000 and a fair market value of $205000.
Answer -
| Date | General journal | Debit ($) | Credit ($) |
| September 12, 2020 |
Investments (Equity) [$205000 - $50000] Gain on Appreciation of Investments (Equity) (To record appreciation of Investment) |
155000 - |
- 155000 |
| September 12, 2020 |
Retained Earnings Property Dividends Payable (To record property dividend declared) |
205000 - |
- 205000 |
| October 1, 2020 |
Property Dividends Payable Investments (Equity) (To record property dividend paid) |
205000 - |
- 205000 |
Add Answer to:
E15.15B
(L0 3)
(Dividend Entries)
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Debt investments (trading)
622,000
Common stock (par value $10)
508,000
Paid-in capital in excess of par
143,000
Retained earnings
781,000
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items. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
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