The following data were taken from the balance sheet accounts of Wildhorse Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings a. b. $513,000 C. 605,000 501,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles an automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles an enter o for the amounts. Record entries in the order displayed in the problem statement.) 144,000 910,000 A 6% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $40. 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 book value of $104,000 and a fair value of $135,000.

The following data were taken from the balance sheet accounts of Wildhorse Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings a. b. $513,000 C. 605,000 501,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles an automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles an enter o for the amounts. Record entries in the order displayed in the problem statement.) 144,000 910,000 A 6% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $40. 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 book value of $104,000 and a fair value of $135,000.

Name: current Attempt in ProgressThe following data were taken from the bal
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Description: current Attempt in ProgressThe following data were taken from the balance sheet accounts of Wildhorse Corporation on December 31, 2024.Current assetsDebt investments (trading)Common stock (par value $10)Paid-in capital in excess of parRetained earni

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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current Attempt in Progress
The following data were taken from the balance sheet accounts of Wildhorse Corporation on December 31, 2024.
Current assets
Debt investments (trading)
Common stock (par value $10)
Paid-in capital in excess of par
Retained earnings
a.
b.
C.
No.
Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter o for the amounts. Record entries in the order displayed in the problem statement.)
a. (1)
$513,000
605,000
Date
501,000
144,000
910,000
A 6% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $40.
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 book
value of $104,000 and a fair value of $135,000.
Account Titles and Explanation
O Search
DELL
Debit
Credi

(To record change in value of bonds)
(To record the declaration of dividends)
H
O Search
1
C
DELL
11
D
o

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