f. XYZ Company declared a $.25 dividend on common stock. (Pretend there are 1,000 common shares outstanding). DATE Debit X/X Retained Earnings 250 Common dividend paya 250 Credit QUESTION 8 g. XYZ Company paid the dividends declared in (f). DATE Debit X/X Common dividend paya Cash Credit QUESTION 9 h. XYZ Company declared a 2% stock dividend on common stock ($3 par). (Pretend there are 10,000 shares of common stock outstanding and that the current market value of a share of a common stock on that date was $20). DATE Debit X/X Common stock dividenc Stock dividends distribu Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers.
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- Total common shares outstanding: 10,000 shares - Par value per share: $3 - Market value per share: $20 - Stock dividend percentage: 2% Total stock dividend = Total common shares outstanding * Stock dividend percentage Total stock dividend = 10,000 shares * 2% = Show more…
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Use the following information to answer questions 1-5. The Stockholder's Equity accounts of a corporation on January 1, 2019, were as follows: Preferred Stock (10%, $130 par, cumulative, 2,000 shares authorized) Common Stock ($5 par, 120,000 shares authorized) APIC-Preferred APIC Common Retained Earnings Treasury Stock-Common ($15 cost) $195,000 $400,000 $20,000 $600,000 $800,000 $18,000 During 2019, the corporation had the following transactions and events relating to its stockholders' equity. Please update the shareholder's equity accounts based on the information below and answer the following five questions. Jan. 6 Issued 10,000 shares of common stock. On this date, the stock was trading for $13 per share. Mar. 21 Sold 1,000 shares of Treasury Stock-Common for $18 per share. Dec. 12 Purchased 3,000 shares of common stock for the treasury at a cost of $45,000. Dec. 31 Determined that net income for the year was $218,000. Dividends were declared and paid during December. These dividends included dividends to preferred shareholders, plus a $0.10 per share dividend to common stockholders of record as of December 20. There were no dividends in arrears.
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On January 1, 2022, Sunland Company had $1,120,000 of common stock outstanding that was issued at par and retained earnings of $754,000. The company issued 41,000 shares of common stock at par on July 1 and earned net income of $398,000 for the year. Journalize the declaration of a 14% stock dividend on December 10, 2022, for the following two independent assumptions. (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 0 for the amounts.) (a) Par value is $10 and market price is $15. (b) Par value is $5 and market price is $8 No. Account Titles and Explanation Debit Credit (a) Stock Dividends 321,300 Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock (b) Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock
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