The stockholders’ equity accounts of T Company have the
following balances on December 31, 2020.
Common stock, $10 par, 275,000 shares issued and outstanding | $2,750,000 | |
Paid-in capital in excess of par—common stock | 1,140,000 | |
Retained earnings | 6,090,000 |
Shares of T Company stock are currently selling on the MW Stock
Exchange at $40.
Prepare the appropriate journal entries for each of the following
cases. (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
enter 0 for the amounts.)
(a) | A stock dividend of 6% is (1) declared and (2) issued. | |
---|---|---|
(b) | A stock dividend of 100% is (1) declared and (2) issued. | |
(c) | A 2-for-1 stock split is (1) declared and (2) issued. |
No. |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
(a) (1) |
enter an account title for case A to record the declaration of stock dividends | enter a debit amount | enter a credit amount |
enter an account title for case A to record the declaration of stock dividends | enter a debit amount | enter a credit amount | |
enter an account title for case A to record the declaration of stock dividends | enter a debit amount | enter a credit amount | |
(a) (2) |
enter an account title for case A to record the issuance of stock dividends | enter a debit amount | enter a credit amount |
enter an account title for case A to record the issuance of stock dividends | enter a debit amount | enter a credit amount | |
(b) (1) |
enter an account title for case B to record the declaration of stock dividends | enter a debit amount | enter a credit amount |
enter an account title for case B to record the declaration of stock dividends | enter a debit amount | enter a credit amount | |
(b) (2) |
enter an account title for case B to record the issuance of stock dividends | enter a debit amount | enter a credit amount |
enter an account title for case B to record the issuance of stock dividends | enter a debit amount | enter a credit amount | |
(c) (1) |
enter an account title for case C to record the declaration of the stock split | enter a debit amount | enter a credit amount |
enter an account title for case C to record the declaration of the stock split | enter a debit amount | enter a credit amount | |
(c) (2) |
enter an account title for case C to record the issuance of the stock split | enter a debit amount | enter a credit amount |
enter an account title for case C to record the issuance of the stock split | enter a debit amount | enter a credit amount |
No. | Account Titles and Explanation | Debit | Credit | |
(a) (1) | Retained Earnings | 660000 | =275000*6%*40 | |
Common Stock Dividend Distributable | 165000 | =275000*6%*10 | ||
Paid-in Capital in Excess of Par-Common Stock | 495000 | |||
(a) (2) | Common Stock Dividend Distributable | 165000 | ||
Common Stock | 165000 | |||
(b) (1) | Retained Earnings | 2750000 | ||
Common Stock Dividend Distributable | 2750000 | |||
(b) (2) | Common Stock Dividend Distributable | 2750000 | ||
Common Stock | 2750000 | |||
(c) (1) | No Entry | 0 | ||
No Entry | 0 | |||
(c) (2) | No Entry | 0 | ||
No Entry | 0 |
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