The board of directors of Milligan Company has decided to dispose of an unneeded parcel of...
The board of directors of Milligan Company has decided to dispose of an unneeded parcel of land through a property dividend to their shareholders. Individual homesites have been identified on the land, and those individual sites will be deeded to the shareholders in proportion to their stock holdings. On December 31, 2013, the board of directors declares the property dividend. The land is to be officially deeded to the shareholders as of January 15, 2014 (i.e., payment date).
The board estimates the land to be worth approximately $200,000 on December 31, 2013. The book value of the land prior to the declaration is $175,000. On January 5, 2014, however, the city of Green Valley announces that the adjoining land will become the home of a new recreational area, which will cause the value of the Milligan land to increase in value by an additional $100,000. Prepare below journal entries to record the declaration of the property dividend on December 31, 2013 and the payment of the dividend on January 15, 2014. The Milligan Company has a December 31 year-end.
Prepare below journal entries to record the declaration of the property dividend on December 31, 2013 and the payment of the dividend on January 15, 2014. The Milligan Company has a December 31 year-end.
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The board of directors of Milligan Company has decided to
dispose of an unneeded parcel of...
journal Cash dividends involve three events. On the date of declaration, the directors bind the company...
journal
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividen...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the distribution...
On September 15, 2018, the Scottie Company board of directors declared a 10% stock dividend on...
On September 15, 2018, the Scottie Company board of directors declared a 10% stock dividend on common shares. The shares are to be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market price per share on the date of declaration was $26 while the market price on the date of distribution was $28. The common stock has a par value of $5 per share and there were 1,000,000 shares outstanding prior to the declaration...
On September 15, 2020, the Board of Directors of Tamarisk Company declared a 90¢ per share...
On September 15, 2020, the Board of Directors of Tamarisk
Company declared a 90¢ per share cash dividend, payable on October
31 to shareholders of record as of October 1. On the date of
declaration, Tamarisk Company had 205,000 common shares
outstanding, of which 27,000 were held in Treasury. On October 15,
2020, the company issued an additional 60,000 common shares for
$6.00 each.
Prepare all the required journal entries to record these
transactions. (Credit account titles are automatically
indented...
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to...
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Cinch has 3,500,000 shares of $0.01 par-value common stock authorized with 1,300,000 shares issued and outstanding. The company has no preferred stock. Record the declaration of the dividend and the payment of the dividend. Include the proper dates with each journal entry. (Record...
On September 15, 2018, the Scottie Company board of directors declared a 12% stock dividend on...
On September 15, 2018, the Scottie Company board of directors declared a 12% stock dividend on common shares. The shares are to be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market price per share on the date of declaration was $23.8 while the market price on the date of distribution was $25.8. The common stock has a par of $5 per share and there were 1,600,000 shares outstanding prior to the declaration of...
Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
On November 27, the board of directors of Beth Company declared a 5.60 per share dividend....
On November 27, the board of directors of Beth Company declared a 5.60 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Beth has 25,500 shares of 1 par common stock outstanding at November 27 Journaline the entries needed on the declaration and payment dates. (Credit accountries are automatically indented when mount is entered. Do not inden manly. If no entry is required select "No Entry for the account bles and enter...
Testbank, Question 79 On July 15, 2018, the board of directors of George Easton Limited declared...
Testbank, Question 79 On July 15, 2018, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2018, to shareholders of record on July 31, 2018. The effects of the journal entry to record the declaration of the dividend on July 15, 2018, are to decrease shareholders' equity and decrease assets. o decrease shareholders' equity and increase liabilities. o increase shareholders'...
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period...
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 111 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $111,000 666,000 900,000 a. November 1, 2021, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March...
journal
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the distribution...
On September 15, 2020, the Board of Directors of Tamarisk
Company declared a 90¢ per share cash dividend, payable on October
31 to shareholders of record as of October 1. On the date of
declaration, Tamarisk Company had 205,000 common shares
outstanding, of which 27,000 were held in Treasury. On October 15,
2020, the company issued an additional 60,000 common shares for
$6.00 each.
Prepare all the required journal entries to record these
transactions. (Credit account titles are automatically
indented...
On February 5, 2018, Cinch Rental Corporation's board of directors declared a dividend of $0.10, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Cinch has 3,500,000 shares of $0.01 par-value common stock authorized with 1,300,000 shares issued and outstanding. The company has no preferred stock. Record the declaration of the dividend and the payment of the dividend. Include the proper dates with each journal entry. (Record...
On September 15, 2018, the Scottie Company board of directors declared a 12% stock dividend on common shares. The shares are to be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market price per share on the date of declaration was $23.8 while the market price on the date of distribution was $25.8. The common stock has a par of $5 per share and there were 1,600,000 shares outstanding prior to the declaration of...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
On November 27, the board of directors of Beth Company declared a 5.60 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Beth has 25,500 shares of 1 par common stock outstanding at November 27 Journaline the entries needed on the declaration and payment dates. (Credit accountries are automatically indented when mount is entered. Do not inden manly. If no entry is required select "No Entry for the account bles and enter...
Testbank, Question 79 On July 15, 2018, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2018, to shareholders of record on July 31, 2018. The effects of the journal entry to record the declaration of the dividend on July 15, 2018, are to decrease shareholders' equity and decrease assets. o decrease shareholders' equity and increase liabilities. o increase shareholders'...
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 111 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $111,000 666,000 900,000 a. November 1, 2021, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March...
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