Stock DividendsPenguin Company has the following information regarding its common stock: $21 par, with 300,000 shares authorized, 132,000 shares issued, and 130,600 sharesoutstanding.On August 22, Penguin declared and paid a 15% stock dividend when the market price of the common stock was $28 per share.Required:1. Prepare the journal entries to record declaration and payment of this stock dividend. If an amount box does not require an entry, leave it blank.Aug. 222. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend. If an amount box does not require an entry, leave it blank.Aug. 2288

Under stock dividend the accumulated profits are distributed in the form of shares instead of cash,…

Answered: Penguin Company has the following…

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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On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 109,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the appropriate journal entry on April 15 related to the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit April 15 Record entry Clear entry View general journal
Bramble Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 21,000 shares for cash at $56 per share. July 1 Issued 15,000 shares for cash at $60 per share. (a) Your answer is correct. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ccount Titles and Explanation Debit Credit Cash 1,176,000 Paid-in Capital in Excess of Par-Preferred Stock 126,000 Preferred Stock 1,050,000 Cash 900,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 Preferred Stock 750,000
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
Osage Corporation issued 2,000 shares of common stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $52,000. (b) The stock had a stated value of $5 per share and was issued for a total of $52,000. (c) The stock had no par or stated value and was issued for a total of $52,000. (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000. (e) The stock had a par value of $5 per share and was issued for land worth $52,000.
On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $5) at $14, and on May 15, it issued for cash 2,000 shares of $18 par preferred stock at $58. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 10 May 15
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $17, and on May 15, it issued for cash 2,000 shares of $17 par preferred stock at $61. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.
During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stock Jan. 10 Issued 75,000 shares for cash at $7 per share. July 1 Issued 35,000 shares for cash at $9 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Your answer is correct. Date Jan 10 July 1 Account Titles and Explanation Cash Common Stock Cash Paid-in Capital in Excess of Par-Common Stock Common Stock Debit 525000 315000 Credit WI 525000 70000 245000
Vincent Corporation has 96,000 share of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $121 a share on June 30. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Journalize the entry required on June 30. June 30 Journalize the entry required on July 15. July 15 Journalize the entry required on July 30. July 30
Concordia Corporation has 96,900 common shares that have been issued. It declares a 4% stock dividend on December 1 to shareholders of record on December 20. The shares are issued on January 10. The share price is $15 on December 1, $14.50 on December 20, and $14.75 on January 10. b) Provide the required journal entries on the appropriate dates to record the stock dividend. Only provide account names as the dollar amount has already been calculated in part a). (If no entry is required, select "No Entry" for the account titles.) December 1 Dividends Declared Dividends Payable Stock Dividends Distributable Common Shares Preferred Shares Retained Earnings Cash No Entry
On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit
Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued on April 30 to stockholders of record on March 14. The market price of the stock was $90 per share on February 13. Journalize the entries required on February 13, March 14, and April 30. If no entry is required, select "No Entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Feb. 13 No Entry fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Mar. 14 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Apr. 30 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21

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