(.ISLily Corporation has 43,500 shares of $13 par value common stock outstanding. It declares a 15% stock dividend on December 1 whenthe market price per share is $17. The dividend shares are issued on December 31.Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts.)DateくAccount Titles and ExplanationDebitCredit

December 1: Declaration of Stock DividendThe declaration of a stock dividend doesn't involve cash…

Answered: (.IS Lily Corporation has 43,500 shares…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data were taken from the balance sheet accounts of Pronghorn Corporation on December 31, 2019. Current assets $ 554,000 Debt investments (trading) 596,000 Common stock (par value $ 10) 455,000 Paid-in capital in excess of par 148,000 Retained earnings 800,000 Prepare the required journal entries for the following unrelated items. (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 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $ 37. (b) The par value of the common stock is reduced to $ 2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $ 105,000 and a fair value of $ 133,000. No. Date Account Titles and…
203
On February 1, 2020, Kingbird Corporation issued 3,900 shares of its $5 par value common stock for land worth $22,100.Prepare the February 1, 2020, journal entry. (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.)
Pharoah Corporation has outstanding 420,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $70 per share. Prepare the journal entries for Pharoah Corporation for both the date of declaration and the date of distribution. (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 O for the amounts.) Account Titles and Explanation Debit Credit Declaration Date Distribution Date 77°F A d0) O pe here to search
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Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
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The following data were taken from the balance sheet accounts of Culver Corporation on December 31, 2019. Current assets $512,000 Debt investments (trading) 577,000 Common stock (par value $10) 471,000 Paid-in capital in excess of par 154,000 Retained earnings 890,000 Prepare the required journal entries for the following unrelated items. (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 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $42. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $98,000 and a fair value of $130,000.
On January 1, 2022, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid- in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.
Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) (e) No. Account Titles and Explanation (a) (b) The stock had a par value of $5.25 per share and was issued for a total of $46,500. The stock had a stated value of $5.25 per share and was issued for a total of $46,500. The stock had no par or stated value and was issued for a total of $46,500. The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. The stock had a par value of $5.25 per share and was issued for land worth $46,500. (c) (d) (e) J Debit Credit
Waterway Company has the following stockholders’ equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,700 shares) $502,800 Retained Earnings 277,400 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (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.) (1) 260 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $20 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 480 shares of outstanding stock were purchased at $106 per share. (6) 370 of the shares purchased in (5) above were resold at $96 per share.
ni.3

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