Common stock, $10 par, 290,000 shares issued and outstanding $ 2,900,000 Paid-in capital in excess of par—common stock 1,120,000 Retained earnings 5,110,000 Shares of Grouper Company stock are currently selling on the Midwest Stock Exchange at $ 36. Prepare the appropriate journal entries for each of the following cases. (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 stock dividend of 7% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation Debit Credit (a) (1) enter an account title for case A to record the declaration of stock dividends enter an account title for case A to record the declaration of stock dividends enter an account title for case A to record the declaration of stock dividends (a) (2) enter an account title for case A to record the issuance of stock dividends enter an account title for case A to record the issuance of stock dividends (b) (1) enter an account title for case B to record the declaration of stock dividends enter an account title for case B to record the declaration of stock dividends (b) (2) enter an account title for case B to record the issuance of stock dividends enter an account title for case B to record the issuance of stock dividends (c) (1) enter an account title for case C to record the declaration of the stock split enter an account title for case C to record the declaration of the stock split (c) (2) enter an account title for case C to record the issuance of the stock split enter an account title for case C to record the issuance of the stock split

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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Question

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The stockholders’ equity accounts of Grouper Company have the following balances on December 31, 2020.

Common stock, $10 par, 290,000 shares issued and outstanding		$ 2,900,000
Paid-in capital in excess of par—common stock		1,120,000
Retained earnings		5,110,000

Shares of Grouper Company stock are currently selling on the Midwest Stock Exchange at $ 36.

Prepare the appropriate journal entries for each of the following cases. (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 stock dividend of 7% is (1) declared and (2) issued.
(b)		A stock dividend of 100% is (1) declared and (2) issued.
(c)		A 2-for-1 stock split is (1) declared and (2) issued.

No.	Account Titles and Explanation	Debit	Credit
(a) (1)	enter an account title for case A to record the declaration of stock dividends
	enter an account title for case A to record the declaration of stock dividends
	enter an account title for case A to record the declaration of stock dividends
(a) (2)	enter an account title for case A to record the issuance of stock dividends
	enter an account title for case A to record the issuance of stock dividends
(b) (1)	enter an account title for case B to record the declaration of stock dividends
	enter an account title for case B to record the declaration of stock dividends
(b) (2)	enter an account title for case B to record the issuance of stock dividends
	enter an account title for case B to record the issuance of stock dividends
(c) (1)	enter an account title for case C to record the declaration of the stock split
	enter an account title for case C to record the declaration of the stock split
(c) (2)	enter an account title for case C to record the issuance of the stock split
	enter an account title for case C to record the issuance of the stock split