1. Microsoft announced a 2 for 1 stock split. Before the split they had 5.4b shares...
1. Microsoft announced a 2 for 1 stock split. Before the split they had 5.4b shares outstanding and par value was $0.0000125.
Before the split the balance in the common stock account was:?
After the split shares outstanding are (in billions)?
After the split par value is?
After the split the balance in the common stock is ?
2. Apple Inc. sells 2m shares of common stock with a par value of $0.0001 for $70. The journal entry to record the sale of stock is ?
Homework Answers
1.before split balance in common stock = number of share out standing * par value
=>5.4 b * $0.0000125. =>$0.0000675 billion =>$67,500.
.after split shares outstanding = 5.4 billion * 2 new share / 1 old share =>10.8 billion.
after split par value = $0.0000125 * 1/2 =>$0.0000000625.
after split balance in the common stock = 10.8 billion * 0.0000000625 =>$0.000000675 billion =>$67,500.
2.journal entry:
| sno | accounts | debit | credit |
| 1 | cash a/c (2m*70) | $140,000,000 | |
| ......To common stock a/c (2 m *$0.0001) | 200 | ||
| .......To paid in capital in excess of par- common stock a/c (balance) | 139,999,800 |
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