Stock Dividends and Stock Splits Whitacre Company's Stockholders' Equity section of the balance sheet on December...
Stock Dividends and Stock Splits
Whitacre Company's Stockholders' Equity section of the balance sheet on December 31, 2016, was as follows:
| Common stock, $10 par value, 60,000 shares | $600,000 |
| issued and outstanding | |
| Additional paid-in capital | 480,000 |
| Retained earnings | 1,240,000 |
| Total stockholders’ equity | $2,320,000 |
On May 1, 2017, Whitacre declared and issued a 15% stock dividend, when the stock was selling for $20 per share. Then on November 1, it declared and issued a 2-for-1 stock split.
Required:
1. How many shares of stock are outstanding at
year-end?
shares
2. What is the par value per share of these
shares?
$ per share
3. Develop the Stockholders' Equity category of Whitacre's balance sheet as of December 31, 2017.
| Whitacre Company | |
| Partial Balance Sheet - Stockholders' Equity Section | |
| December 31, 2017 | |
| $ | |
| Total stockholders' equity | $ |
Homework Answers
1.) Stock outstanding = 60000*1.15*2 = 138000 Shares
2) Par value per share = 10/2 = 5 per share
3)
| Whitacre Company | |
| Partial Balance Sheet - Stockholders' Equity Section | |
| December 31, 2017 | |
| Common Stock | $690000 |
| Additional paid in Capital | 570000 |
| Retained earnings | 1060000 |
| Total stockholders' equity | $2320000 |
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