The following data were taken from the balance sheet accounts of Tamarisk Corporation on December 31, 2024.Current assetsDebt investments (trading)Common stock (par value $10)Paid-in capital in excess of parRetained earningsPrepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. Record entries in the order displayed in the problem statement)ab.CNo.a. (1)a. (2)b.n$512,000577,000471,000154,000890,000A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $42.The par value of the common stock is reduced to $2 with a 5-for-1 stock split.A dividend is declared January 5, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a bookvalue of $98,000 and a fair value of $130,000.DateAccount Titles and ExplanationDebit1000 (To record change in value of bonds)(To record the declaration of dividends)

Journal entries The entries which are recorded by the company in the accounting books on regular basis are called as journal entries. They are recognized by showing a double effect, that is, one account is having a debit balance and another account is having a credit balance.1) Calculation Of The Common Stock Dividend Distributable -Retained Earnings = (47,100 Shares X $42 X 5%) = $98,910Common Stock Dividends Distributable = (47,100 Shares X $10 X 5%) = $23,550Paid-In Capital In Excess Of Par - Common = ($98,910 - $23,550) = $75,3602) Calculation Of The Unrealized Golding Gain Or Loss - Income -Unrealized Golding Gain Or Loss - Income = (Fair Value - Book Value) = ($130,000 - $98,000) = $32,000Preparing The Required Journal Entries For The Following Unrelated Items - NoDateAccount Titles And ExplanationDebitCredita. (1)Retained Earnings$98,910 Common Stock Divided Distributable$23,550 Paid-In Capital In Excess Of Par - Common Stock$75,360a. (2)Common Stock Dividend Distributable $23,550 Common Stock$23,550bNo Entry No EntrycJan. 5, 2025Debt Investments$32,000 Unrealized Holding Gain Or Loss - Income$32,000(To Record Change In Value Of Bonds)Retained Earnings$130,000 Property Dividends Payable$130,000(To Record The Declaration Of Dividends)Jan. 25, 2025Property Dividends Payable$130,000 Debt Investments$130,000(To Record The Debt Investment)

Business

Accounting

The following data were taken from the balance sheet accounts of Tamarisk Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) $512,000 577,000 471,000

The following data were taken from the balance sheet accounts of Tamarisk Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) $512,000 577,000 471,000

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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