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

Q: Vincent Corporation has 99,000 shares of $110 par common stock outstanding. On June 30, Vincent…

A: A journal entry is a record of a business arrangement in the accounting system of a company. Journal…

Q: Vincent Corporation has 91,000 shares of $105 par common stock outstanding. On June 30, Vincent…

A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…

Q: California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $27 per share.…

A: Treasury stock: Shares which are bought back by the company from the open market are Treasury stock.…

Q: Sage Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation…

A: The term "stock dividend" refers to a payout made in the form of additional shares to current…

Q: The common stock of Monty Inc. is currently selling at $126 per share. The directors wish to reduce…

A: Monty Inc. - Journal EntriesScenario (a): 2-for-1 Stock SplitNo. Account Titles and Explanation…

Q: Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year…

A: Stock split is a situation when shares of a company are split into number of shares like one share…

Q: Bonita Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Firefly, Inc., reported the following results for the year ending July 31: Retained earnings, August…

A: Introduction: Retained earnings are a component of a company's financial statement that displays the…

Q: Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $31 per…

A: Additional paid in capital in excess of par = (Issue value per share - Par value per share) x No. of…

Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…

A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800

Q: Elk Co. issues 1,000 shares of $5 par common stock for $30,000. The firm used Pilot’s Underwriting…

A: The shares can be issued for cash or non cash assets. The excess amount received for shares issued…

Q: The common stock of Teal Inc. is currently selling at $130 per share. The directors wish to reduce…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2)…

A: Given that: Common stock shares issued = 2000 shares Preferred Stock shares = 3000 shares

Q: tion III Debit IIIII Credit IIII

A: INTRODUCTION A dividend is a gift that a business delivers to its shareholders, whether it be cash…

Q: On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Waterway Corporation has 41,500 shares of $10 par value common stock outstanding. It declares a 15%…

A: The dividend is declared to the shareholders from the retained earnings of the business. The stock…

Q: On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $5)…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: Ayayai Corporation issued 2,000 shares of $10 par value common stock upon conversion of 1,000 shares…

A: Solution:- Preparation of journal entries as follows under:- Introduction:- The convertible shares…

Q: The common stock of Bridgeport Inc. is currently selling at $121 per share. The directors wish to…

A: The corporation sometimes prefers issuing stock split schemes or stock dividend for controlling the…

Q: Pro-Builders Corporation has 242,000 shares of $30 par common stock outstanding. On September 2,…

A: INTRODUCTION Dividend is distribution of company’s profit and it is paid in the form of cash or…

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Solution:- Journal entries in the books of Red Market Corporation

Q: Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: No.Account Titles and ExplanationDebitCredita.Cash$125,000         Common Stock (500 x $10)$5,000…

Q: n October 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on its…

A: The dividend is declared to the shareholders from the retained earnings of the business. The stock…

Q: On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 60…

A: Note: When stock dividend is issued then retained earnings is decreased by the market value of the…

Q: company issued for cash 1,600 -par common stoCK (With May 15, it issued for cash 6,000 Journalize…

A: solution journal entries Date Account and explanation Debit Credit May 10 Cash…

Q: Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20.…

A: Lets understand the basics. Stated value or par value is a value which is assign to corporation's…

Q: Blue Spruce Inc. issues 5,050 shares of $100 par value preferred stock for cash at $150 per share.…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Oriole Corporation has outstanding 489,000 shares of $10 par value common stock. The corporation…

A: Stock Dividend: A "stock dividend" is an award given by a firm to its existing shareholders that…

Q: Crane Corporation issued 250 shares of $10 par value common stock for $3,750. Prepare Crane’s…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Vincent Corporation has 96,000 shares of $105 par common stock outstanding. On June 30, Vincent…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Flint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the…

A: Solution: Journal entry : Date                                General Journal Debit $ Credit $…

Q: Metlock Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares…

A: Conversion of preferred stock into common stock is an option for the stockholders offered by the…

Q: On May 10, Pronghorn Corporation issues 2,700 shares of $10 par value common stock for cash at $18…

A: Face value of the share is the stock value given to the shares and printed in the share certificate.…

Q: On June 1, Bramble Inc. issues 3,600 shares of no-par common stock at a cash price of $9 per share.…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Vincent Corporation has 93,000 share of $100 par common stock outstanding. On June 30, Vincent…

A: The stock dividend has just transferred from retained earnings to Paid in Capital. There is not any…

Q: Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro-…

A: Definition: Stock dividends: Stock dividends are the number of shares issued by a company to the…

Q: Vienna Corporation has 31,000 shares of $90 par common stock outstanding. On June 8, Vienna…

A: Stock Dividend: 'Stock dividend' is a dividend paid in the form of stocks. The stock dividend does…

Q: Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On March 1, Newt Corp. had 60,000 shares of common stock authorized and 20,000 shares of $2 par…

A: Dividends are paid on shares outstanding.   Dividends = 20,000 shares x $0.40 Dividends = $8,000

Q: Sunland Corporation issued 310 shares of $10 par value common stock for $4,650. Prepare Sunland’s…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: On June 1, Metlock, Inc. issues 1,300 shares of no-par common stock at a cash price of $8 per share.…

A: Cash value will be = Number of shares * Cash price Cash value will be = 1,300 *8 Cash value will be…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.