Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Dr Cr 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding Paid-in capital in excess of par 550000 Common Stock Dividends Distrutable 110000 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for
Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Dr Cr 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding Paid-in capital in excess of par 550000 Common Stock Dividends Distrutable 110000 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Avatar Corp
See attached image. I keep striking out with my entries
Transcribed Image Text:Avatar Corporation's stockholders' equity section at December 31, 2019 appears below:
Stockholder's equity
Dr
Cr
Paid-in capital
6/30/2021 Stock Dividends
154000
Common stock, $10 par, 55,000 outstanding
550000
Common Stock Dividends Distrutable
110000
Paid-in capital in excess of par
140000
Paid-in Capital in Excess of Par-Common Stock
44000
Total Paid-in Capital
690000
Retained Earnings
150000
7/15/2021 No Entry
Total Stockholder's Equity
840000
NoEntry
n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock
7/31/2021 Common Stock Dividends Distributable
110000
dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair
Common Stock
110000
value of Avatar Corporation's stock on June 30, 2021, was $14.
12/1/2021
On December 1, 2021, the board of directors declared a 2 for 1 stock split effective
December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021,
before the stock split was declared. Par value of the stock was adjusted. Net income for
2021 was $180,000 and there were no cash dividends declared.
12/15/2021
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