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Weinstein's Nordic Italian Cuisine, Inc. The stockholders' equity accounts of Weinstein's Nordic Italian Cuisine, Inc. balances as of December 31, 2023: Required: Prepare the appropriate journal entry for each of the following transactions: a b C d e f g Common stock, $2 par Paid in capital in excess of par Retained earnings h 15-Jan-24 14-Feb-24 9-May-24 20-Jun-24 31-Oct-24 12-Nov-24 20-Nov-24 1,680,672 375,000 3,500,000 WNIC declares a 2% stock dividend Shares of WNIC are currently selling on the NYSE at $10. Stock dividend distribution date, FMV of stock = $10.50 WNIC declares a $.25 per share cash dividend Cash dividend payment date WNIC declares a 40 % stock dividend Shares of WNIC are currently selling on the NYSE at $11. Stock dividend distribution date, FMV of stock = $11.25 WNIC declares a property dividend providing that each holder of 50 shares of common stock will receive a frozen eggplant dinner with a fair value of $8.50/dinner. The dinners are currently carried in in inventory at a cost of $150,000 24-Dec-24 WNIC distributes the eggplant dinners.

Weinstein's Nordic Italian Cuisine, Inc. The stockholders' equity accounts of Weinstein's Nordic Italian Cuisine, Inc. balances as of December 31, 2023: Required: Prepare the appropriate journal entry for each of the following transactions: a b C d e f g Common stock, $2 par Paid in capital in excess of par Retained earnings h 15-Jan-24 14-Feb-24 9-May-24 20-Jun-24 31-Oct-24 12-Nov-24 20-Nov-24 1,680,672 375,000 3,500,000 WNIC declares a 2% stock dividend Shares of WNIC are currently selling on the NYSE at $10. Stock dividend distribution date, FMV of stock = $10.50 WNIC declares a $.25 per share cash dividend Cash dividend payment date WNIC declares a 40 % stock dividend Shares of WNIC are currently selling on the NYSE at $11. Stock dividend distribution date, FMV of stock = $11.25 WNIC declares a property dividend providing that each holder of 50 shares of common stock will receive a frozen eggplant dinner with a fair value of $8.50/dinner. The dinners are currently carried in in inventory at a cost of $150,000 24-Dec-24 WNIC distributes the eggplant dinners.

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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Weinstein's Nordic Italian Cuisine, Inc. The stockholders' equity accounts of Weinstein's Nordic Italian Cuisine, Inc. balances as of December 31, 2023: Required: Prepare the appropriate journal entry for each of the following transactions: a b PCPE d e f g Common stock, $2 par Paid in capital in excess of par Retained earnings h 15-Jan-24 14-Feb-24 9-May-24 20-Jun-24 31-Oct-24 12-Nov-24 20-Nov-24 WNIC declares a 2% stock dividend Shares of WNIC are currently selling on the NYSE at $10. Stock dividend distribution date, FMV of stock = $10.50 WNIC declares a $.25 per share cash dividend Cash dividend payment date WNIC declares a 40% stock dividend 1,680,672 375,000 3,500,000 Shares of WNIC are currently selling on the NYSE at $11. Stock dividend distribution date, FMV of stock = $11.25 WNIC declares a property dividend providing that each holder of 50 shares of common stock will receive a frozen eggplant dinner with a fair value of $8.50/dinner. The dinners are currently carried in in inventory at a cost of $150,000 24-Dec-24 WNIC distributes the eggplant dinners.
Transcribed Image Text:Weinstein's Nordic Italian Cuisine, Inc. The stockholders' equity accounts of Weinstein's Nordic Italian Cuisine, Inc. balances as of December 31, 2023: Required: Prepare the appropriate journal entry for each of the following transactions: a b PCPE d e f g Common stock, $2 par Paid in capital in excess of par Retained earnings h 15-Jan-24 14-Feb-24 9-May-24 20-Jun-24 31-Oct-24 12-Nov-24 20-Nov-24 WNIC declares a 2% stock dividend Shares of WNIC are currently selling on the NYSE at $10. Stock dividend distribution date, FMV of stock = $10.50 WNIC declares a $.25 per share cash dividend Cash dividend payment date WNIC declares a 40% stock dividend 1,680,672 375,000 3,500,000 Shares of WNIC are currently selling on the NYSE at $11. Stock dividend distribution date, FMV of stock = $11.25 WNIC declares a property dividend providing that each holder of 50 shares of common stock will receive a frozen eggplant dinner with a fair value of $8.50/dinner. The dinners are currently carried in in inventory at a cost of $150,000 24-Dec-24 WNIC distributes the eggplant dinners.
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