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The stockholders✪ equity accounts of G.K. Chesterton Company have the following balances on Decembe Common stock, $10 par, 241,000 shares issued and outstanding $2,410,000 Paid-in capital in excess of par common stock Retained earnings Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $40. 1,203,000 5,639,000

The stockholders✪ equity accounts of G.K. Chesterton Company have the following balances on Decembe Common stock, $10 par, 241,000 shares issued and outstanding $2,410,000 Paid-in capital in excess of par common stock Retained earnings Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $40. 1,203,000 5,639,000

FINANCIAL ACCOUNTING
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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The stockholders equity accounts of G.K. Chesterton Company have the following balances on December 31, 2014. Common stock, $10 par, 241,000 shares issued and outstanding $2,410,000 Paid-in capital in excess of par common stock Retained earnings Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $40. Prepare the appropriate journal entries for each of the following cases (a) A stock dividend of 6% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued. 1,203,000 5,639,000
Transcribed Image Text:The stockholders equity accounts of G.K. Chesterton Company have the following balances on December 31, 2014. Common stock, $10 par, 241,000 shares issued and outstanding $2,410,000 Paid-in capital in excess of par common stock Retained earnings Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $40. Prepare the appropriate journal entries for each of the following cases (a) A stock dividend of 6% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued. 1,203,000 5,639,000
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