Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and 2,000 of the preferred shares. The co
Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and 2,000 of the preferred shares. The co
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and 2,000 of the
| Mar. 1 | Declares a cash dividend of $10,000 |
| Mar. 30 | Pays the cash dividend |
| Jul. 10 | Declares a 5-for-1 stock split of its common shares |
Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
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