On January 1, 2021, Thomson Inc. had the following account balances in its shareholders' equity accounts. stock. Common stock, $1 par, 250,000 shares issued of which 5,000 Shares being held as treasury stock Paid-in capital excess of par, common Preferred stock, $100 par, 10,000 shares outstanding Paid-in capital excess of par, preferred Retained earnings Treasury stock, at cost, 5,000 shares During 2021, Thomson Inc. had several transactions relating to common 1/15 2/17 3/20 4/17 7/18 11/1 11/26 11/27 12/15 Required: $250,000 500,000 1,000,000 100,000 2,000,000 25,000 Declared a property dividend, payable in bonds of Goodings Corp. being held to maturity. The book value of the bond is $28,000 but the current market value is$ 34,000. Distributed the property dividend. Reissued 1,000 shares of treasury stock at $7 per share. Declared a two-for-one stock split on common stock effective 4/24. Declared and distributed a 4% stock dividend on outstanding common stock; market value per share, $7. Declared a ten cents per share cash dividend on the outstanding common shares. Ex-dividend date for the cash dividend. Date of record for the cash dividend. Paid the cash dividend declared on 11/1. Record the above transactions and events in the journal entry format.
On January 1, 2021, Thomson Inc. had the following account balances in its shareholders' equity accounts. stock. Common stock, $1 par, 250,000 shares issued of which 5,000 Shares being held as treasury stock Paid-in capital excess of par, common Preferred stock, $100 par, 10,000 shares outstanding Paid-in capital excess of par, preferred Retained earnings Treasury stock, at cost, 5,000 shares During 2021, Thomson Inc. had several transactions relating to common 1/15 2/17 3/20 4/17 7/18 11/1 11/26 11/27 12/15 Required: $250,000 500,000 1,000,000 100,000 2,000,000 25,000 Declared a property dividend, payable in bonds of Goodings Corp. being held to maturity. The book value of the bond is $28,000 but the current market value is$ 34,000. Distributed the property dividend. Reissued 1,000 shares of treasury stock at $7 per share. Declared a two-for-one stock split on common stock effective 4/24. Declared and distributed a 4% stock dividend on outstanding common stock; market value per share, $7. Declared a ten cents per share cash dividend on the outstanding common shares. Ex-dividend date for the cash dividend. Date of record for the cash dividend. Paid the cash dividend declared on 11/1. Record the above transactions and events in the journal entry format.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2021, Thomson Inc. had the following account balances in its
shareholders' equity accounts.
stock.
Common stock, $1 par, 250,000 shares issued of
which 5,000 Shares being held as treasury stock
Paid-in capital excess of par, common
Preferred stock, $100 par, 10,000 shares outstanding
Paid-in capital excess of par, preferred
Retained earnings
Treasury stock, at cost, 5,000 shares
During 2021, Thomson Inc. had several transactions relating to common
1/15
2/17
3/20
4/17
7/18
11/1
11/26
11/27
12/15
Required:
$250,000
500,000
1,000,000
100,000
2,000,000
25,000
Declared a property dividend, payable in bonds of
Goodings Corp. being held to maturity. The book value of
the bond is $28,000 but the current market value is$ 34,000.
Distributed the property dividend.
Reissued 1,000 shares of treasury stock at $7 per share.
Declared a two-for-one stock split on common stock
effective 4/24.
Declared and distributed a 4% stock dividend on outstanding
common stock; market value per share, $7.
Declared a ten cents per share cash dividend on the
outstanding common shares.
Ex-dividend date for the cash dividend.
Date of record for the cash dividend.
Paid the cash dividend declared on 11/1.
Record the above transactions and events in the journal entry format.
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