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Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Dr Cr 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding Paid-in capital in excess of par 550000 Common Stock Dividends Distrutable 110000 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for

Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Dr Cr 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding Paid-in capital in excess of par 550000 Common Stock Dividends Distrutable 110000 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for

Cornerstones of Financial Accounting
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 69E: Stock Dividends Crystal Corporation has the following information regarding its common stock: S10...
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Avatar Corp Journal entries.  What is the correct titles and how does the $180000 net income get journaled?

See attached image.  I keep striking out with my entries

Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Dr Cr Paid-in capital 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding 550000 Common Stock Dividends Distrutable 110000 Paid-in capital in excess of par 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for 2021 was $180,000 and there were no cash dividends declared. 12/15/2021
Transcribed Image Text:Avatar Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Dr Cr Paid-in capital 6/30/2021 Stock Dividends 154000 Common stock, $10 par, 55,000 outstanding 550000 Common Stock Dividends Distrutable 110000 Paid-in capital in excess of par 140000 Paid-in Capital in Excess of Par-Common Stock 44000 Total Paid-in Capital 690000 Retained Earnings 150000 7/15/2021 No Entry Total Stockholder's Equity 840000 NoEntry n June 30, 2021, the board of directors of Avatar Corporation declared a 20% stock 7/31/2021 Common Stock Dividends Distributable 110000 dividend, payable on July 31, 2021, to stockholders of record on July 15, 2021. The fair Common Stock 110000 value of Avatar Corporation's stock on June 30, 2021, was $14. 12/1/2021 On December 1, 2021, the board of directors declared a 2 for 1 stock split effective December 15, 2021. Avatar Corporation's stock was selling for $20 on December 1, 2021, before the stock split was declared. Par value of the stock was adjusted. Net income for 2021 was $180,000 and there were no cash dividends declared. 12/15/2021
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