On December 31, 2017, the stockholders' equity section of Bonita Industries, was as follows: Common stock,...
On December 31, 2017, the stockholders' equity section of Bonita
Industries, was as follows:
| Common stock, par value $10; authorized 35000 shares; | ||
| issued and outstanding 10500 shares |
$ 105000 |
|
| Additional paid-in capital |
115000 |
|
| Retained earnings |
184000 |
|
| Total stockholders' equity |
$404000 |
|
On March 31, 2018, Bonita declared a 10% stock dividend, and
accordingly 1050 additional shares were issued, when the fair value
of the stock was $19 per share. For the three months ended March
31, 2018, Bonita sustained a net loss of $39400. The balance of
Bonita’s retained earnings as of March 31, 2018, should be
Homework Answers
Answer:
Stock dividend = (Common stock outstanding shares x Stock dividend %) x Market rate per share
= (10,500 shares x 10%) x $19
= 1,050 x $19
= $19,950
Retained earnings on March 31,2018:
| Retained Earnings, Dec 31,2017 | $184,000 |
| (Less): Net loss | ($39,400) |
| Stock dividend | ($19,950) |
| Retained Earnings, March 31,2018 | $124,650 |
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