Homework Answers
Ans-a- Kingbird declares and pays a $0.60 per share cash dividend:-
Cash Dividend=$19,900/5 *0.60= $2,388
| 1 | Total assets | decrease | 2,388 |
| 2 | Common stock | no effect | 0 |
| 3 | Paid-in capital in excess of par | no effect | 0 |
| 4 | Retained earnings | decrease | 2,388 |
| 5 | Total stockholders' equity | decrease | 2,388 |
b-Kingbird declares and issues a 10% stock dividend when the market price of the stock is $15 per share.
No. of shares outstanding = $19,900/5= 3,980
Stock dividend in share= 3,980*10%= 398
Stock dividend= 398* $15= 5,970
Common Stock Increase= 398*5= 1,990
Paid-in Capital in excess of par increase= 398* (15-5)= 3,980
Retained earnings decrease= 5,970
| 1 | Total assets | no effect | 0 |
| 2 | Common stock | increase | 1,990 |
| 3 | Paid-in capital in excess of par | increase | 3,980 |
| 4 | Retained earnings | decrease | 5,970 |
| 5 | Total stockholders' equity | no effect | 0 |
c-Kingbird declares and issues a 30% stock dividend when the market price of the stock is $14 per share:-
No. of shares outstanding= $19,900/5= 3,980
Stock dividend in share= 3,980*30%= 1,194
Since it is large stock dividend as it is greater than 25%
Stock dividend in dollar= 1,194*5= 5,970
Common stock increase= 1,194*5= 5,970
Retained earnings decrease= 5,970
| 1 | Total assets | no effect | 0 |
| 2 | Common stock | increase | 5,970 |
| 3 | Paid-in capital in excess of par | no effect | 0 |
| 4 | Retained earnings | decrease | 5,970 |
| 5 | Total stockholders' equity | no effect | 0 |
d- Kingbird declares and distributes a property dividend. Kingbird gives one share of its equity investment (ABC stock) for every two shares of Kingbird Company stock held. ABC is selling for $9 per share on the date the property dividend is declared.
No. of share outstanding = 19,900/5 = 3,980
Cost per share= 64,800/10,800= $6 per share
Dividend= 3,980/2*6= 11,940
| 1 | Total assets | decrease | 11,940 |
| 2 | Common stock | no effect | 0 |
| 3 | Paid-in capital in excess of par | no effect | 0 |
| 4 | Retained earnings | decrease | 11,940 |
| 5 | Total stockholders' equity | decrease | 11,940 |
e- Kingbird declares a 3- for -1 stock split and issue new shares in stock split:-
No.of share outstanding = 19,900/5= 3,980
No.of new stock outstanding in share= 3,980*3= 11,940
There is no change in value since it will reduce the par value of share from $5 to 5/3
| 1 | Total assets | no effect | 0 |
| 2 | Common stock | no effect | 0 |
| 3 | Paid-in capital in excess of par | no effect | 0 |
| 4 | Retained earnings | no effect | 0 |
| 5 | Total stockholders' equity | no effect | 0 |
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