Assume that Bennington Corporation has 2,000,000 shares of $1 par value common stock issued and outstanding. The company is authorized to issue 10 million shares. Due to increased share prices, the corporation decided to implement a 2-for-1 stock split. Prepare the journal entries required on the declaration and distribution of the stock split. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No Entry Required" on the first line of the Account column and leave all other cells blank.) Ассount Current Year

Assume that Bennington Corporation has 2,000,000 shares of $1 par value common stock issued and outstanding. The company is authorized to issue 10 million shares. Due to increased share prices, the corporation decided to implement a 2-for-1 stock split. Prepare the journal entries required on the declaration and distribution of the stock split. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No Entry Required" on the first line of the Account column and leave all other cells blank.) Ассount Current Year

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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