The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025. Common stock, $10 par, 292,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,920,000 1,320,000 5,080,000

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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The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025.
Common stock, $10 par, 292,000 shares issued and outstanding
Paid-in capital in excess of par-common stock
Retained earnings
$2,920,000
1,320,000
5,080,000
Shares of Wildhorse Company stock are currently selling on the Midwest Stock Exchange at $33.
Prepare the appropriate journal entries for each of the following cases. (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)
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.
No.
Account Titles and Explanation
a. (1)
a. (2)
b. (1)
b. (2)
c. (1)
c. (2)
Debit
Credit
Transcribed Image Text:The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025. Common stock, $10 par, 292,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,920,000 1,320,000 5,080,000 Shares of Wildhorse Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (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) 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. No. Account Titles and Explanation a. (1) a. (2) b. (1) b. (2) c. (1) c. (2) Debit Credit
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