The shareholders' equity section of the statement of financial position of Crane Winery Inc. at December 31, 2024, is given below: Shareholders' equity: Preferred shares, $7 cumulative, unlimited authorized, 199,000 shares issued and outstanding Common shares, 200,000 authorized, 75,000 shares issued and outstanding Retained earnings Total shareholders' equity (a) On December 31, 2024, the board of directors proposed a five-for-four common stock split. The proposal was approved and new shares were distributed among shareholders. The market price of the shares on December 31, 2024, was $23 per share. Your answer is correct. The number of shares distributed from the split (b) $1,990,000 Determine the number of shares that were distributed among the shareholders as a result of the five-for-four stock split. eTextbook and Media 1,500,000 2,661,000 List of Accounts $6,151,000 18750 What accounting entry will be made for this split? (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 0 for the amounts. List debit entry before credit entry.)
The shareholders' equity section of the statement of financial position of Crane Winery Inc. at December 31, 2024, is given below: Shareholders' equity: Preferred shares, $7 cumulative, unlimited authorized, 199,000 shares issued and outstanding Common shares, 200,000 authorized, 75,000 shares issued and outstanding Retained earnings Total shareholders' equity (a) On December 31, 2024, the board of directors proposed a five-for-four common stock split. The proposal was approved and new shares were distributed among shareholders. The market price of the shares on December 31, 2024, was $23 per share. Your answer is correct. The number of shares distributed from the split (b) $1,990,000 Determine the number of shares that were distributed among the shareholders as a result of the five-for-four stock split. eTextbook and Media 1,500,000 2,661,000 List of Accounts $6,151,000 18750 What accounting entry will be made for this split? (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 0 for the amounts. List debit entry before credit entry.)
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 25P: The controller of Red Lake Corporation has requested assistance in determining income, basic...
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