Question

The stockholders equity accounts of Pronghorn Company have the following balances on December 31, 2017. Common...

The stockholders equity accounts of Pronghorn Company have the following balances on December 31, 2017.
Common Stock $10 par 310000 shares issued and outstanding 3100000
Paid in Capital in excess of par common stock 1190000
Retained Earnings 5160000

Shares of Pronghorn Company stock are currently selling on the Midwest Stock Exchange at $41

a. A stock dividend of 7% is 1 declared and 2 issued
b. A stock dividend of 100% is 1 declared and 2 issued.
c. A 2 for 1 split is 1 declared and 2 issued.

Homework Answers

Answer #1
a
1 Retained Earnings 889700 =310000*7%*41
       Common Stock Dividend Distributable 217000 =310000*7%*10
       Paid-in Capital in Excess of Par-common 672700
2 Common Stock Dividend Distributable 217000
     Common Stock 217000
b
1 Retained Earnings 3100000 =310000*100%*10
       Common Stock Dividend Distributable 3100000
2 Common Stock Dividend Distributable 3100000
     Common Stock 3100000
c
1 NO entry 0
      NO entry 0
2 NO entry 0
      NO entry 0
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