### Stock Dividend Journal Entries**Scenario:**Bungy Dive Inc. has 80,000 shares of $35 par common stock outstanding. On June 8, Bungy declared a 5% stock dividend to be issued on August 12 to stockholders of record on July 13. The market price of the stock was $63 per share on June 8.**Required:**Journalize the entries required on the following dates:- **June 8**- **July 13**- **August 12**### Explanation:- **June 8:** Record the declaration of the stock dividend.- **July 13:** Record the date of record for the stockholders.- **August 12:** Record the issuance of the stock dividend.For detailed accounting and calculations, explore entries on the declared stock dividend, including the impacts on common stock, additional paid-in capital, and changes to the equity section of the balance sheet.

Journal entry: It is a primary stage of recording transactions that consist of debit or credit. The…

3. Bungy Dive Inc. has 80,000 shares of $35 par common stock outstanding. On June 8, Bungy declared a 5% stock dividend to be issued August 12 to Stockholders of record on July 13. The market price of the stock was $63 per share on June 8. Required: Journalize the entries required on June 8, July 13, and August 12.

3. Bungy Dive Inc. has 80,000 shares of $35 par common stock outstanding. On June 8, Bungy declared a 5% stock dividend to be issued August 12 to Stockholders of record on July 13. The market price of the stock was $63 per share on June 8. Required: Journalize the entries required on June 8, July 13, and August 12.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please answer
Tamarisk, Inc. has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. 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" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a par value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for:
Nebraska Inc. issues 2,750 shares of common stock for $88,000. The stock has a stated value of $20 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Entries for treasury stock On May 27, Mama Mia Inc, reacquired 79,000 shares of its common stock at $10 per share. On August 3, Mama Mia sold 53,000 of the reacquired shares at $13 per share. On November 14, Mama Mia sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock °
Prepare journal entries for both of the following transactions: On Jan 1, ABC Company issued 300 $10 stocks with a $5 par value. On Dec 31st, ABC Company, declared a 3% cash dividend on each share.
(.IS Lily Corporation has 43,500 shares of $13 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the 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" for the account titles and enter O for the amounts.) Date く Account Titles and Explanation Debit Credit
On January 1, Sheffield Corporation had 145000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a O credit to Common Stock Dividends Distributable for $326250. O credit to Cash for $326250. O credit to Common Stock Dividends Distributable for $108750. O debit to Stock Dividends for $326250.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On January 23, 15,000 shares of Aurora Company’s common stock are acquired at a price of $25 per share plus a $140 brokerage commission. On April 12, a $0.35-per-share dividend was received on the Aurora Company stock. On June 10, 5,200 shares of the Aurora Company stock were sold for $31 per share less a $115 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 9,800 shares of Aurora Company’s stock was $30 per share. Aurora Company has 190,000 shares of common stock outstanding. Required: Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…
Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.
Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued on April 30 to stockholders of record on March 14. The market price of the stock was $90 per share on February 13. Journalize the entries required on February 13, March 14, and April 30. If no entry is required, select "No Entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Feb. 13 No Entry fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Mar. 14 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Apr. 30 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21