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A4-for-1 stock split is effected. Prepare the required journal entry. (Credit account titles are automatically indented when the 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 how Transcribed Text 2 Debit Credit A dividend in kind is declared on January 8, 2021 and paid on January 28, 2021 in FV-NI investments. The investments have a carrying amount of $170,000 (fair value at December 31, 2020) and a January 8 fair value of $178,000. Prepare the required journal entries. (Credit account titles are automatically indented when the 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)

A4-for-1 stock split is effected. Prepare the required journal entry. (Credit account titles are automatically indented when the 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 how Transcribed Text 2 Debit Credit A dividend in kind is declared on January 8, 2021 and paid on January 28, 2021 in FV-NI investments. The investments have a carrying amount of $170,000 (fair value at December 31, 2020) and a January 8 fair value of $178,000. Prepare the required journal entries. (Credit account titles are automatically indented when the 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)

FINANCIAL ACCOUNTING
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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Account Titles and Explanation A 4-for-1 stock split is effected. Prepare the required journal entry. (Credit account titles are automatically indented when the amount Is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts) Show Transcribed Text Date Account Titles and Explanation Jan. 8 Jan. 8 Jan 28 (To record fair value adjustment) 3 A dividend in kind is declared on January 8, 2021 and paid on January 28, 2021 in FV-NI investments. The investments have a carrying amount of $170,000 (fair value at December 31, 2020) and a January 8 fair value of $178,000. Prepare the required i journal entries. (Credit account titles are automatically indented when the 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) (To record declaration of property dividend) Show Transcribed Text c 3 C Debit Debit Credit I Credit
Transcribed Image Text:Account Titles and Explanation A 4-for-1 stock split is effected. Prepare the required journal entry. (Credit account titles are automatically indented when the amount Is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts) Show Transcribed Text Date Account Titles and Explanation Jan. 8 Jan. 8 Jan 28 (To record fair value adjustment) 3 A dividend in kind is declared on January 8, 2021 and paid on January 28, 2021 in FV-NI investments. The investments have a carrying amount of $170,000 (fair value at December 31, 2020) and a January 8 fair value of $178,000. Prepare the required i journal entries. (Credit account titles are automatically indented when the 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) (To record declaration of property dividend) Show Transcribed Text c 3 C Debit Debit Credit I Credit
The following data were taken from the SFP accounts of Pronghorn Corporation on December 31, 2020: Current assets FV-NI investments Common shares (unlimited authorized, 630,000 shares issued and outstanding) Contributed surplus Retained earnings Account Titles and Explanation Dividends Common Stock Dividends Distributable A4% stock dividend is declared at their fair value and distributed at a time when the shares' fair value is $46 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the 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) Show Transcribed Text Account Titles and Explanation Dividends Common Stock Dividends Distributable (To record stock dividend declaration) Dividends Common Stock Dividends Distributable S (To record stock dividend distribution) Ć Debit 1159200 A4% stock dividend is declared at their fair value and distributed at a time when the shares' fair value is $46 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the 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) $ 1,022,000 Debit 803,000 1159200 252000 6,300,000 310,000 1,950,000 Credit 1159200 Credit I 1159200 252000
Transcribed Image Text:The following data were taken from the SFP accounts of Pronghorn Corporation on December 31, 2020: Current assets FV-NI investments Common shares (unlimited authorized, 630,000 shares issued and outstanding) Contributed surplus Retained earnings Account Titles and Explanation Dividends Common Stock Dividends Distributable A4% stock dividend is declared at their fair value and distributed at a time when the shares' fair value is $46 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the 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) Show Transcribed Text Account Titles and Explanation Dividends Common Stock Dividends Distributable (To record stock dividend declaration) Dividends Common Stock Dividends Distributable S (To record stock dividend distribution) Ć Debit 1159200 A4% stock dividend is declared at their fair value and distributed at a time when the shares' fair value is $46 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the 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) $ 1,022,000 Debit 803,000 1159200 252000 6,300,000 310,000 1,950,000 Credit 1159200 Credit I 1159200 252000
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