Question

On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....

On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 257,000 shares issued 257,000
Paid-in capital - excess of par, common 514,000
Paid-in capital - excess of par, preferred 135,000
Preferred stock, $100 par, 13,500 shares outstanding 1,350,000
Retained earnings 2,700,000
Treasury stock, at cost, 5,700 shares 28,500


During 2018, Gerlach Inc. had several transactions relating to common stock.

January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.7 per share, fair value $9.35 per share).
February 17: Distributed the property dividend.
April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The Fair value of the stock was $4 on this date. Hint: Debit Retained earnings.
July 18: Declared and distributed a 3% stock dividend on outstanding common stock; fair value per share, $5.
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.


Required:
Record the above transactions

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