Dunder Mifflin Dunder Mifflin reported stockholders' equity on December 31 of the prior year as follows: Common stock, $1 par value, 1,000,000 shares authorized, 350,000 shares issued......... Paid-in capital in excess of par, common stock... Retained earnings....... Feb. 15 March 9 The following selected transactions occurred during the current year: May 1 June 1 Sept. 1 Dec. 31 $350,000 Distributed the stock dividend. 1,000,000 3,000,000 The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $4 per share. Paid the cash dividend. A cash dividend of $.50 per share was declared by the board of directors to stockholders of record on May 20, payable June 1. The board decided to split the stock 4-for-1, effective on September 1. Earned a net income of $180,000 for the current year. Prepare the general journal entries to reflect the above transactions. If no entry is required type the date and then type No Entry.
Dunder Mifflin Dunder Mifflin reported stockholders' equity on December 31 of the prior year as follows: Common stock, $1 par value, 1,000,000 shares authorized, 350,000 shares issued......... Paid-in capital in excess of par, common stock... Retained earnings....... Feb. 15 March 9 The following selected transactions occurred during the current year: May 1 June 1 Sept. 1 Dec. 31 $350,000 Distributed the stock dividend. 1,000,000 3,000,000 The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $4 per share. Paid the cash dividend. A cash dividend of $.50 per share was declared by the board of directors to stockholders of record on May 20, payable June 1. The board decided to split the stock 4-for-1, effective on September 1. Earned a net income of $180,000 for the current year. Prepare the general journal entries to reflect the above transactions. If no entry is required type the date and then type No Entry.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Dunder Mifflin
Dunder Mifflin reported stockholders' equity on December 31 of the prior year as follows:
Common stock, $1 par value, 1,000,000 shares
authorized, 350,000 shares issued.........
Paid-in capital in excess of par, common
stock...
Retained earnings.............
Feb. 15
March 9
The following selected transactions occurred during the current year:
May 1
June 1
Sept. 1
$350,000
Dec. 31
1,000,000
Distributed the stock dividend.
3,000,000
The board of directors declared a 5% stock dividend to stockholders of record on
March 1, payable March 20. The stock was selling for $4 per share.
Paid the cash dividend.
The board decided to split the stock 4-for-1, effective on September 1.
Earned a net income of $180,000 for the current year.
Prepare the general journal entries to reflect the above transactions. If no entry is required type the
date and then type No Entry.
A cash dividend of $.50 per share was declared by the board of directors to
stockholders of record on May 20, payable June 1.
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