Prepare journal entries for the following independent transactions a) A stock dividend of 20% is declared at their fair value on June 1, 2025 and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2025. b) A stock dividend of 100% is declared on June 1, 2025 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2015. c) a 2-for-1 stock split is declared on June 1, 2025 at their fair value and issued on June 30 to the shareholders of record on June 15.
Prepare journal entries for the following independent transactions a) A stock dividend of 20% is declared at their fair value on June 1, 2025 and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2025. b) A stock dividend of 100% is declared on June 1, 2025 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2015. c) a 2-for-1 stock split is declared on June 1, 2025 at their fair value and issued on June 30 to the shareholders of record on June 15.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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Prepare
a) A stock dividend of 20% is declared at their fair value on June 1, 2025 and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2025.
b) A stock dividend of 100% is declared on June 1, 2025 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15 on June 1, 2015.
c) a 2-for-1 stock split is declared on June 1, 2025 at their fair value and issued on June 30 to the shareholders of record on June 15.
![On December 31, 2024, Cullumber Landscaping's common shares were trading for $15, and the company had the following
shareholder's equity accounts:
Common Shares (no par value, unlimited authorized,
1,030,000 issued, and outstanding)
Contributed Surplus (Common Shares)
Retained earnings
$4,120,000
1,230,000
18,270,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4b3e1dc-1be4-4fa0-a658-b66328b63dc2%2F1153121a-b33a-46bb-ac2b-1bf7cacec177%2Fz9z79oh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On December 31, 2024, Cullumber Landscaping's common shares were trading for $15, and the company had the following
shareholder's equity accounts:
Common Shares (no par value, unlimited authorized,
1,030,000 issued, and outstanding)
Contributed Surplus (Common Shares)
Retained earnings
$4,120,000
1,230,000
18,270,000
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