On May 31, 2022, Martinez Landscaping’s common shares were
trading for $15, and the company had the following shareholder’s
equity accounts:
| Common Shares (no par value, unlimited authorized, 1,060,000 issued, and outstanding) |
$3,180,000 | |
| Contributed Surplus-Common Shares | 1,290,000 | |
| Retained earnings | 21,270,000 |
Prepare the journal entries for the following independent
transactions. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Record journal entries in the order
presented in the problem.)
| (a) | A stock dividend of 20% is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2022. (Use Dividends.) | |
| (b) | A stock dividend of 100% is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2022. (Use Dividends.) | |
| (c) | A 2-for-1 stock split is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. |
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On May 31, 2022, Martinez Landscaping’s common shares were
trading for $15, and the company had...
On May 31, 2022, Martinez Landscaping's common shares were trading for $15, and the company had...
On May 31, 2022, Martinez Landscaping's common shares were trading for $15, and the company had the following shareholder's equity accounts: Common Shares (no par value, unlimited authorized, 970,000 issued, and outstanding) Contributed Surplus-Common Shares Retained earnings $4,850,000 1,190,000 20,270,000 Prepare the journal entries for the following independent transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the...
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On January 1, 2018, Richetti Corporation had 72,000 common shares, recorded at $602,000, and retained earnings of $1,04...
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On May 31, 2022, Martinez Landscaping's common shares were trading for $15, and the company had the following shareholder's equity accounts: Common Shares (no par value, unlimited authorized, 970,000 issued, and outstanding) Contributed Surplus-Common Shares Retained earnings $4,850,000 1,190,000 20,270,000 Prepare the journal entries for the following independent transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the...
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On December 31, 2021, Sunland Company had 1,280,000 shares of $6 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $7,680,000 1,790,000 1.280,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $113 per share 126,000 shares of $103 par value, 9% cumulative preferred stock. 2. On February 8, reacquired 12,500 shares of its...
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On March 1, Carla Vista Ltd. had 419,000 common shares issued and the balance in its Common Shares account was $628,500. The company declared a 5% stock dividend to shareholders of record on March 14, to be distributed on March 31. The fair value per share was $4 on March 1, $3.85 on March 14, and $4.35 on March 31. Prepare the entries on the appropriate dates to record the stock dividend. (Credit account titles are automatically indented when the...
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