Required information7 The par amount of the shares becomes $1 per share.7 No journal entry is recorded.Knowledge Check 02Craft declares and distributes a 2-for-1 stock split in the form of a 100% stock dividend and distributes 1,000 shares when the marketvalue of the $1 par common stock is $12 per share. The company chooses not to reclassify earned capital as invested capital withregards to this transaction. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journalentry required" in the first account field.)View transactlon llstView Journal entry worksheetNoEventGeneral JoumalDebitCredit100101Paid-in capital excess of par100Common stockPrev18of 23Next >Question no....pages-pdfQuestion no....pages

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Answered: Craft declares and distributes a…

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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! Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 880 shares of RPI Company stock at $13 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $23 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list
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(Give the exaplanation of formula and concept.do not provide plagarised content otherwise i dislike) Isle Royale Inc. bought 22,500 shares of the voting common stock of Lake Clark Company in January 2023. In December, Lake Clark Company announced $202,900 net income for 2023 and declared and paid a cash dividend of $8.00 per share on all 202,000 shares of its outstanding common stock. Calculate Isle Royale Inc.'s dividend revenue from Lake Clark Company in December 2023.○ $180,000○ $22,600○ $0○ $1,616,000
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Subject: accounting
Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the investment as a trading security. Concord sold 270 shares of the stock for $21 each. At year end the price per share of the Sugarland Company had increased to $22.Prepare the journal entries for these transactions and any year-end adjustments. (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.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the sale enter a debit amount enter a credit amount enter an account title to record the sale enter a debit amount enter a credit…
(Give the exaplanation of formula and concept.do not provide plagarised content otherwise i dislike) Isle Royale Inc. bought 22,500 shares of the voting common stock of Lake Clark Company in January 2023. In December, Lake Clark Company announced $202,900 net income for 2023 and declared and paid a cash dividend of $8.00 per share on all 202,000 shares of its outstanding common stock. Calculate Isle Royale Inc.'s dividend revenue from Lake Clark Company in December 2023.○ $180,000○ $22,600○ $0○ $1,616,000
On August 1, Shamrock Finance Inc. buys 2,500 Datawave common shares for trading purposes for $95,000 cash. On October 15, Shamrock receives a cash dividend of $2.35 per share from Datawave. On December 1, Shamrock sells the shares for $100,000 cash. Prepare the journal entry to record the purchase of the shares. (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.) Date Account Titles and Explanation Aug. 1 Investment in Associate Cash (To record purchase of investment.) Date Account Titles and Explanation Oct. 15 Prepare the journal entry to record the receipt of the dividend. (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.) Cash Gain on Fair Value Adjustment-FVTPL (Collection of dividend.) Dec.…
The declaration, record, and payment dates in connection with a cash dividend of $115,900 on a corporation's common stock are January 12, March 13, and April 12. Required: Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Swifty Corporation has outstanding 353,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (List all debit entries before credit 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.) Account Titles and Explanation Declaration Date Retained Earnings Distribution Date Common Stock Dividend Distributable Common Stock Debit Credit
The common stock of Blue Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $71 per share. 9.60 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. 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) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation Debit Credit (a) (b) (To record the declaration) (To record the distribution)
Windsor Corporation has outstanding 440,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $69 per share. Prepare the journal entries for Windsor Corporation for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is

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