On January 1, 2022. Cullumber Corporation had $1.125.000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented wheiRamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Par value is $10, and market price is $19. a. b. Par value is $5. and market price is $20. Debit Credit No. Account Titles and Explanation

On January 1, 2022. Cullumber Corporation had $1.125.000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented wheiRamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Par value is $10, and market price is $19. a. b. Par value is $5. and market price is $20. Debit Credit No. Account Titles and Explanation

Name: On January 1, 2022. Cullumber Corporation had $1.125.000 of common st
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Description: On January 1, 2022. Cullumber Corporation had $1.125.000 of common stock outstanding that was issued at par. It also had retainedearnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,00

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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