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No 1 2 3 4 5 6 7 Date January 15, 2024 Loss on investments January 15, 2024 Retained earnings April 10, 2024 Investment in equity securities July 18, 2024 February 17, 2024 Property dividends payable General Journal Property dividends payable Investment in equity securities Paid-in-capital - excess of par, common Common stock Retained earnings Common stock Paid-in-capital - excess of par, common December 01, 202 Retained earnings Cash dividends payable December 20, 202 Cash dividends payable ›› ››› 33 Debit 140,000 940,000 940,000 252,200 75,300 X Credit 140,000 940,000 940,000 252,200

No 1 2 3 4 5 6 7 Date January 15, 2024 Loss on investments January 15, 2024 Retained earnings April 10, 2024 Investment in equity securities July 18, 2024 February 17, 2024 Property dividends payable General Journal Property dividends payable Investment in equity securities Paid-in-capital - excess of par, common Common stock Retained earnings Common stock Paid-in-capital - excess of par, common December 01, 202 Retained earnings Cash dividends payable December 20, 202 Cash dividends payable ›› ››› 33 Debit 140,000 940,000 940,000 252,200 75,300 X Credit 140,000 940,000 940,000 252,200

FINANCIAL ACCOUNTING
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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On January 1, 2024, Gerlach Incorporated had the following account balances in its shareholders' equity accounts. $ 258,000 516,000 140,000 Common stock, $1 par, 258,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 14,000 shares outstanding Retained earnings Treasury stock, at cost, 5,800 shares During 2024, Gerlach Incorporated had several transactions relating to common stock. January 15: February 17: April 10: 1,400,000 2,800,000 29,000 Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.8 per share, fair val $9.40 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital- excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3% stock dividend on outstanding common stock; The fair value is, $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Record the above transactions and events in journal entry format. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Transcribed Image Text:On January 1, 2024, Gerlach Incorporated had the following account balances in its shareholders' equity accounts. $ 258,000 516,000 140,000 Common stock, $1 par, 258,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 14,000 shares outstanding Retained earnings Treasury stock, at cost, 5,800 shares During 2024, Gerlach Incorporated had several transactions relating to common stock. January 15: February 17: April 10: 1,400,000 2,800,000 29,000 Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.8 per share, fair val $9.40 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital- excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3% stock dividend on outstanding common stock; The fair value is, $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Record the above transactions and events in journal entry format. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
No 1 2 3 4 5 6 7 Date January 15, 2024 Loss on investments January 15, 2024 Retained earnings April 10, 2024 July 18, 2024 Investment in equity securities February 17, 2024 Property dividends payable Answer is not complete. General Journal Property dividends payable Investment in equity securities Paid-in-capital - excess of par, common Common stock December 01, 202 Retained earnings Retained earnings Common stock Paid-in-capital - excess of par, common Cash dividends payable December 20, 202 Cash dividends payable Cash Debit 140,000 940,000 940,000 252,200 75,300 Credit 140,000 940,000 940,000 252,200
Transcribed Image Text:No 1 2 3 4 5 6 7 Date January 15, 2024 Loss on investments January 15, 2024 Retained earnings April 10, 2024 July 18, 2024 Investment in equity securities February 17, 2024 Property dividends payable Answer is not complete. General Journal Property dividends payable Investment in equity securities Paid-in-capital - excess of par, common Common stock December 01, 202 Retained earnings Retained earnings Common stock Paid-in-capital - excess of par, common Cash dividends payable December 20, 202 Cash dividends payable Cash Debit 140,000 940,000 940,000 252,200 75,300 Credit 140,000 940,000 940,000 252,200
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