On January 1, 2019, Metco Inc. reported 259,000 shares of $10 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,100 shares of its common stock at a price of $37.00 per share. On August 19, 2019, 700 of these treasury shares were sold for $47.50 per share. Metco's directors declared cash dividends of $0.50 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Problem 8-26 (Algo) Part d d. Calculate the total amount of cash dividends paid in the fourth quarter. Dividend paid

On January 1, 2019, Metco Inc. reported 259,000 shares of $10 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 2,100 shares of its common stock at a price of $37.00 per share. On August 19, 2019, 700 of these treasury shares were sold for $47.50 per share. Metco's directors declared cash dividends of $0.50 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Problem 8-26 (Algo) Part d d. Calculate the total amount of cash dividends paid in the fourth quarter. Dividend paid

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 69E: Stock Dividends Crystal Corporation has the following information regarding its common stock: S10...

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Stock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.
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