Required information[The following information applies to the questions displayed below]On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stockdividend or split. Sharper declares and immediately distributes a 50% stock dividend.Common stock-$10 par value, 74,000 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equity$ 740,000320,000720,000$ 1,780,000(1) Prepare the updated stockholders' equity section after the distribution is made.(2) Compute the number of shares outstanding after the distribution is made.Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the number of shares outstanding after the distribution is made.Number of common shares outstanding< Required 1

The larger stock dividend are issued on the basis of the par value of shares. The stock dividend…

Answered: On June 30, Sharper Corporation's…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 88,000 shares issued and outstanding $ 880,000 Paid - in capital in excess of par value, common stock 390,000 Retained earnings 755,000 Total stockholders' equity $ 2,025,000 (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Navigation: Use the Open Excel in New Tab button to launch this question. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
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On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
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On January 1, Sheffield Corporation had 145000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a O credit to Common Stock Dividends Distributable for $326250. O credit to Cash for $326250. O credit to Common Stock Dividends Distributable for $108750. O debit to Stock Dividends for $326250.
Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 6.5% cumulative preferred stock, $100 par value; authorized, 18,000 shares; issued and outstanding, 9,000 shares Common stock, $4 par value; authorized, 340,000 shares; issued and outstanding, 204,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings Dividends have been declared and paid for Year 1. The average issue price per share of Grant's preferred stock was: Multiple Choice O $52.50. $100.00. $105.00. $ 900,000 $ 816,000 $ 45,000 $ 1,500,000 $ 920,000
On June 30, Sharper Corporation’s stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock—$10 par value, 120,000 shares authorized, 88,000 shares issued and outstanding $ 880,000 Paid-in capital in excess of par value, common stock 390,000 Retained earnings 755,000 Total stockholders’ equity $ 2,025,000 Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. Required:(1) Prepare the updated stockholders' equity section after the split.(2) Compute the number of shares outstanding after the split.
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On November 1, 2020, Skysong, Inc’s stockholders’ equity section is as follows: Common stock, $10 par value $750,000 Paid-in capital in excess of par value—common stock 180,000 Retained earnings 270,000 Total stockholders’ equity $1,200,000 On November 1, Skysong declares and distributes a 15% stock dividend when the fair value of the stock is $18 per share.Indicate the balances in the stockholders’ equity accounts after the stock dividend has been distributed. Common stock $enter a dollar amount Paid-in capital in excess of par value—Common Stock enter a dollar amount Retained earnings enter a dollar amount Total stockholders’ equity $enter a total amount for this section

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