Fishing Charters Corporation reports the following shareholders' equity as of December 31, 2021: Preferred shares, $ 4.00, 500,000 shares authorized, 100,000 shares issued and outstanding Common shares, unlimited shares authorized, 190,000 shares issued and outstanding $1,300,000 2,425,000 3.200,000 $6.925.000 Retained earnings Instructions Assume the board of directors declares dividends totaling $ 1,500,000 to the shareholders. The preferred shares are cumulative, and no dividends were declared last year. Calculate the amount per share each class of shares will receive. a) Assume the board of directors authorizes a 2-for-1 split on the common shares. Calculate the number of shares outstanding after the split and the average per share amount for both classes of shares. b) Assume the board of directors authorizes a 10% stock dividend on the common shares after the stock split. The current selling price of the common shares is $ 11. Prepare the journal entry to record the declaration and distribution of the stock dividend. c)

Fishing Charters Corporation reports the following shareholders' equity as of December 31, 2021: Preferred shares, $ 4.00, 500,000 shares authorized, 100,000 shares issued and outstanding Common shares, unlimited shares authorized, 190,000 shares issued and outstanding $1,300,000 2,425,000 3.200,000 $6.925.000 Retained earnings Instructions Assume the board of directors declares dividends totaling $ 1,500,000 to the shareholders. The preferred shares are cumulative, and no dividends were declared last year. Calculate the amount per share each class of shares will receive. a) Assume the board of directors authorizes a 2-for-1 split on the common shares. Calculate the number of shares outstanding after the split and the average per share amount for both classes of shares. b) Assume the board of directors authorizes a 10% stock dividend on the common shares after the stock split. The current selling price of the common shares is $ 11. Prepare the journal entry to record the declaration and distribution of the stock dividend. c)

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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