Current Attempt in ProgressThe shareholders' equity accounts of Bridgeport Inc. have the following balances on December 31, 2023:Common shares, 350,000 shares issued and outstandingContributed surplusRetained earningsAccount Titles and ExplanationCommon shares are currently trading on the Toronto Stock Exchange at $57.Retained EarningsA stock dividend of 20% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount s entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts.)(To record declaration of stock dividend)(To record distribution of stock dividend)$9,100,000eTextbook and Media2,200,000List of Accounts43,400,000DebitCredit A stock dividend of 100% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries. (List alldebit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and Explanation(To record declaration of stock dividend)(To record distribution of stock dividend)e Textbook and MediaList of AccountsDebitAccount Titles and ExplanationA 3-for-2 stock split is declared and issued. Prepare the appropriate journal entry. (List debit entry before credit entry. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts.)CreditDebitCredit

A stock dividend is one that is announced and distributed as shares. This transaction involved no…

Answered: Current Attempt in Progress The…

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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Current Attempt in Progress On September 15, 2023, the Board of Directors of Sunland Company declared a $1.20 per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Sunland Company had 202,000 common shares issued, of which 31,000 were held in Treasury. On October 15, 2023, the company issued an additional 57,000 common shares for $5.20 each. Prepare all the required journal entries to record these transactions. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 2023, ConocoPhillips completed these transactions (in chronological order): 1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted at a market price of $20 per share. 2) Issued 2,400 shares of common stock at the price of $18 per share. 3) Net Income for the year was $410,400. Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31, 2023: Select one: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
On January 1, 2023, Sunland Ltd. had 498,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Mar. 1 May 1 June 1 Oct. 1 Issued 180,000 shares Issued a 10% stock dividend Acquired 195,000 common shares and retired them Issued a 2-for-1 stock split Issued 74,000 shares The company's year end is December 31. Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to 0 decimal places, e.g. 5,275.) Weighted average number of shares outstanding eTextbook and Media Assume that Sunland earned net income of $3,164,460 during 2023. In addition, it had 110,000 of 8%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2…
Required information [The following information applies to the questions displayed below] On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 68,000 shares issued and outstanding Paid-in capital in excess of per value, common stock Retained earnings Total stockholders' equity Complete this question by entering your answers in the tabs below. Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. (1) Prepare the updated stockholders' equity section after the split. (2) Compute the number of shares outstanding after the split. Required 1 Required 2 Prepare the updated stockholders' equity section after the split. SHARPER CORPORATION Stockholders' Equity Section of the Balance Sheet June 30 Common stock-$3.33 par value Paid-in capital in excess of par value, common stock…
The company issued its 2023 financial statements on April 30 2024. Calculate the weighted average cost of common shares to be used for 2023.
Grouper Ltd. has the following equity accounts at January 1, 2023. Preferred shares outstanding: 2,800 shares Common shares outstanding: 4,500 shares (a) $84,000 Average issue price $ 450,000 What was the average issue price of the preferred shares?
Kk28. help me solve june 8
The stockholders' equity accounts of G.K. Chesterton Company have the following balances on December 31, 2025. Common stock, $10 par, 300,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $37. Prepare the appropriate journal entries for each of the following cases. (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.) a. b. C. No. Account Titles and Explanation a. (1) A stock dividend of 5% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A 2-for-1 stock split is (1) declared and (2) issued. a. (2) $3,000,000 1,200,000 5,600,000 Debit Credit
The stockholders’ equity accounts of Cheyenne Company have the following balances on December 31, 2020. Common stock, $10 par, 295,000 shares issued and outstanding $2,950,000 Paid-in capital in excess of par—common stock 1,280,000 Retained earnings 5,950,000 Shares of Cheyenne Company stock are currently selling on the Midwest Stock Exchange at $39.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.

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