Windsor, Inc.'s stockholders equity section at December 31, 2019, appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 60,000 outstanding Paid-in capital in excess of par Total paid-in capital $600,000 179,000 $779,000 Retained earnings 152,000 Total stockholder's equity $931,000 On June 30, 2020, the board of directors of Windsor, Inc. declared a 15% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Windsor, Inc.'s stock on June 30, 2020, was $16. On December 1, 2020, the board of directors declared a 2-for-1 stock split effective December 15, 2020. Windsor, Inc.'s stock was selling for $18 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $231.000 and there were no cash dividends declared
Windsor, Inc.'s stockholders equity section at December 31, 2019, appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 60,000 outstanding Paid-in capital in excess of par Total paid-in capital $600,000 179,000 $779,000 Retained earnings 152,000 Total stockholder's equity $931,000 On June 30, 2020, the board of directors of Windsor, Inc. declared a 15% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Windsor, Inc.'s stock on June 30, 2020, was $16. On December 1, 2020, the board of directors declared a 2-for-1 stock split effective December 15, 2020. Windsor, Inc.'s stock was selling for $18 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $231.000 and there were no cash dividends declared
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 85PSB: Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued...
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