On January 31, 2016, Leia declared a property dividend to stockholders of record as of February...
- On January 31, 2016, Leia declared a property dividend to stockholders of record as of February 15, 2016. Leia promised to distribute the property dividend (an equity investment) on March 1, 2016. As of January 31, 2016, the investment that Leia will distribute had a carrying value of $750,000 and a fair market value of $710,000. On March 1, Leia distributed the equity securities to stockholders of record as of February 15, 2016. Prepare the entries Leia should make on:
- January 31, 2016.
- February 15, 2016.
- March 1, 2016.
Homework Answers
1) Date of declration( January 31, 2016) to account for $ 40,000 ($750,000-$710,000) Decrease in Equity investment.
| Debit | Credit | |
| Loss on equity invetment | $ 40,000 | |
| Equity investment | $ 40,000 |
2) Date of declration( January 31, 2016) , Reatained earnings is used to fund the divedend.
| Debit | Credit | |
| Retained earnings | $ 710,000.00 | |
| Property divedend payable | $ 710,000.00 |
3) Date of record ( February 15, 2016) to determine which stockholders will receive the dividend.
No entry Required at this date.
4) Date of distribution( March 1, 2016), distribution of property divedend to stockholders
| Debit | Credit | |
| Property divedend payable | $ 710,000.00 | |
| Equity investment | $ 710,000.00 |
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