On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common Stock (no par value, 94,000 shares issued and outstanding) $1,400,000 Retained Earnings 543,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 1 Mar. Paid the dividend declared in February. 1 Apr. Announced a 3-for-1 stock split. Prior to the split, the market price per share was $39. 1 July Declared a 6% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 per share. 1 31 Issued the shares for the stock dividend. Dec. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. 1 31 Determined that net income for the year was $323,000.

On January 1, 2020, Ivanhoe Corporation had the following stockholders' equity accounts. Common Stock (no par value, 94,000 shares issued and outstanding) $1,400,000 Retained Earnings 543,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 1 Mar. Paid the dividend declared in February. 1 Apr. Announced a 3-for-1 stock split. Prior to the split, the market price per share was $39. 1 July Declared a 6% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 per share. 1 31 Issued the shares for the stock dividend. Dec. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. 1 31 Determined that net income for the year was $323,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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