OnePotatoTwoPotato Limited reports the following shareholders' equity as of December 31, 2023: Preferred shares, $5.00, authorized 100,000 shares, issued 80,000 shares $4,400,000 Common shares, authorized 200,000 shares, issued 150,000 shares, 146,000 outstanding 2,190,000 Retained earnings 3,400,000 $9,990,000
OnePotatoTwoPotato Limited reports the following shareholders' equity as of December 31, 2023: Preferred shares, $5.00, authorized 100,000 shares, issued 80,000 shares $4,400,000 Common shares, authorized 200,000 shares, issued 150,000 shares, 146,000 outstanding 2,190,000 Retained earnings 3,400,000 $9,990,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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OnePotatoTwoPotato Limited reports the following shareholders' equity as of December 31, 2023:
issued 80,000 shares $4,400,000
Common shares, authorized 200,000 shares,
issued 150,000 shares, 146,000 outstanding 2,190,000
$9,990,000
- Assume the board of directors authorizes a 15% stock dividend on the common shares after the stock split. The current selling price of the common shares is $9. Prepare the
journal entry to distribute the stock dividend.
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