The shareholders’ equity of Core
Technologies Company on June 30, 2015, included the following:
Common stock,...
The shareholders’ equity of Core
Technologies Company on June 30, 2015, included the following:
Common stock, $1
par; authorized, 8 million shares;
issued and outstanding, 3 million
shares
$
3,000,000
Paid-in
capital—excess of par
12,000,000
Retained
earnings
19,000,000
On April 1, 2016, the board of directors of Core Technologies
declared a 10% stock dividend on common shares, to be distributed
on June 1. The market price of Core Technologies’ common stock was
$34 on April 1, 2016, and $44 on...
10- ZIP Company owns 37,000 shares of the common stock of PIK
Company. ZIP decided to...
10- ZIP Company owns 37,000 shares of the common stock of PIK
Company. ZIP decided to divest itself of this investment by
distributing the PIK shares in the form of a property dividend. The
dividend ratio is one share of PIK for every four shares of ZIP
common held by shareholders. ZIP has 148,000 common shares
outstanding. On April 15, 2018, the date of declaration, PIK stock
had a par of $5 per share, a book value of $11.7 per...
Part a
On October 1, 2021, Helmsmith Corporation declared and issued a 10%
common stock dividend....
Part a
On October 1, 2021, Helmsmith Corporation declared and issued a 10%
common stock dividend. Before this date,
Helmsmith had 80,000 shares of $1 par common stock outstanding. The
market price of Helmsmith Corporation’s
common stock on the date of declaration was $10 per share.
Required
Show Helmsmith’s journal entries to record the common stock
dividend on:
1) The date of declaration
2) The date of record
3) The date of distribution/payment
Witt Corporation has 78,000 shares of $4 par value common stock
outstanding. At year-end, the company...
Witt Corporation has 78,000 shares of $4 par value common stock
outstanding. At year-end, the company declares a four percent stock
dividend. The market price of the stock on the declaration date is
$21 per share. Four weeks later, the company issues the shares of
stock to stockholders.
a. Prepare the journal entry for the declaration of the stock
dividend.
b. Prepare the journal entry for the issuance of the stock
dividend.
c. Assume that the company declared a 40...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016,...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016, at $30 per
share.
426,000 shares of $90 par value, 10.00% cumulative, preferred
stock were authorized, and 130,000 shares were issued on January 1,
2016, at $133 per share.
Net income for the years ended December 31, 2016, 2017, and
2018, was $4,680,000, $7,040,000, and $9,160,000,
respectively.
No dividends were declared or paid during 2016 or 2017.
However, on December 17, 2018, the board...
Desert Apparel has 5,000 shares of common stock outstanding. On
April 1, the company declares a...
Desert Apparel has 5,000 shares of common stock outstanding. On
April 1, the company declares a $3 per share dividend to
stockholders of record on April 15. The dividend is paid on April
30.
Record all necessary entries on the appropriate dates for cash
dividends. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first
account field.)
BrightBright
Schools, Inc. is authorized to issue 200,000 shares of
$22
par common stock. The company...
BrightBright
Schools, Inc. is authorized to issue 200,000 shares of
$22
par common stock. The company issued
78 comma 00078,000
shares at
$ 6$6
per share. When the market price of common stock was
$ 8$8
per share,
BrightBright
declared and distributed a
1010%
stock dividend. Later,
BrightBright
declared and paid a
$ 0.30$0.30
per share cash dividend.Read the requirements
LOADING...
.
Requirement 1. Journalize the declaration and
the distribution of the stock dividend. (Record debits first,
then credits. Select...
During its first year of operations, Cupola Fan Corporation
issued 31,000 of $1 par Class B...
During its first year of operations, Cupola Fan Corporation
issued 31,000 of $1 par Class B shares for $390,000 on June 30,
2021. Share issue costs were $1,600. One year from the issue date
(July 1, 2022), the corporation retired 10% of the shares for
$40,000.
Required:
1. to 4. Prepare the journal entries to record the
issuance of the shares, the declaration of a $2.10 per share
dividend on December 1, 2021, the payment of the dividend on
December...
During 2016, Goodfellow has the following transactions involving
its common and preferred stock:
a.
Issued 15,000...
During 2016, Goodfellow has the following transactions involving
its common and preferred stock:
a.
Issued 15,000 shares
of $5 par common stock for $15 a share. This brings total shares
outstanding to 50,000 shares and 100,000 shares are authorized.
b.
Issued 5,000 shares of
$100 par, 6%, cumulative preferred stock for $121 per share.
Required:
Prepare a journal entry for each transaction.