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Part -1 Journal Entries: | |||||
Date | Account | Debit | Credit | ||
Nov 1 2018 | Retained Earnings | $ 66,000,000 | |||
Dividend Payable | $ 66,000,000 | ||||
(0.60*110000000) | |||||
Dec 1 2018 | Dividend Payable | $ 66,000,000 | |||
Cash | $ 66,000,000 | ||||
Mar 1 2019 | Investment in Warner Bonds | $ 300,000 | |||
Gain on Appreciation of Investments | $ 300,000 | ||||
(2.5m-2.2m) | |||||
Mar 1 2019 | Retained Earning | $ 2,500,000 | |||
Property Dividend Payable | $ 2,500,000 | ||||
Apr 5 2019 | Property Dividend Payable | $ 2,500,000 | |||
Investment in Warner Bonds | $ 2,500,000 | ||||
Jul 12 2019- Working | No of Shares issued | (110000000*6%) | 6,600,000 | ||
Jul 12 2019 | Retained Earning | $ 112,200,000 | (110000000*6%)*17 | ||
Common Stock | $ 6,000,000 | 6000000*1 | |||
Paid in Capital, excess of par | $ 96,000,000 | 6000000*(17-1) | |||
Cash | $ 10,200,000 | 600000*17 | |||
Nov 1 2019 | Retained Earnings | $ 69,600,000 | (110m+6m)*0.60 | ||
Dividend Payable | $ 69,600,000 | ||||
Dec 1 2019 | Dividend Payable | $ 69,600,000 | |||
Cash | $ 69,600,000 | ||||
Jan 15 2020 | Retained Earning | $ 58,000,000 | (116m*50%*1) | ||
Common Stock | $ 58,000,000 | ||||
(Since stock divi is more than 25%, will be recorded at par) | |||||
Nov 1 2020 | Retained Earnings | $ 78,300,000 | (110m+6m+58m)*0.45 | ||
Dividend Payable | $ 78,300,000 | ||||
Dec 1 2020 | Dividend Payable | $ 78,300,000 | |||
Cash | $ 78,300,000 | ||||
Part 2 | 000 | ||||
Common Stock | Additional PIC | Retained Earning | Total | ||
January 1, 2018 | $ 110,000 | $ 660,000 | $ 890,000 | $ 1,660,000 | |
Net Income | $ 380,000 | $ 380,000 | |||
Cash Dividends | $ -66,000 | $ -66,000 | |||
Dec 31 2018 | $ 110,000 | $ 660,000 | $ 1,204,000 | $ 1,974,000 | |
Property Dividend | $ -2,500 | $ -2,500 | |||
Common Stock Dividend | $ 6,000 | $ 96,000 | $ -112,200 | $ -10,200 | |
Net Income | $ 445,000 | $ 445,000 | |||
Cash Dividends | $ -69,600 | $ -69,600 | |||
Dec 31 2019 | $ 116,000 | $ 756,000 | $ 1,464,700 | $ 2,336,700 | |
3 for 2 split-dividend | $ 58,000 | $ -58,000 | $ - | ||
Net Income | $ 505,000 | $ 505,000 | |||
Cash Dividends | $ -78,300 | $ -78,300 | |||
Dec 31 2020 | $ 174,000 | $ 756,000 | $ 1,833,400 | $ 2,763,400 |
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