Prepare journal entries for both of the following transactions: On Jan 1, ABC Company issued 300 $10 stocks with a $5 par value. On Dec 31st, ABC Company, declared a 3% cash dividend on each share.
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On Jan 1, ABC Company issued 300 $10 stocks with a $5 par value.
On Dec 31st, ABC Company, declared a 3% cash dividend on each share.
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- During its first year of operations, Harlan Corporation had the following transactions pertaining to its common stock. – Jan. 10 Issued 70,000 shares for cash at $5 per share. – July 1 Issued 40,000 shares for cash at $7 per share. Instructions: – Journalize the transactions, assuming that the common stock has a par value of $5 per share. – Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. Note: Relevant account will Paid in Capital in Excess of Stated ValueWindsor, Inc. has 46,000 shares of $10 par value common stock outstanding. It declares a 13% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend.Prepare the journal entry to record Zende Company’s issuance of 75,000 shares of $5 par value common stock assuming the shares sell for a. $5 cash per share. b. $6 cash per share.
- Tay Inc. has 10,000 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $7 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend Record the declaration of a 5% stock dividend.During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. Required: Prepare journal entries for the transactionsOn January 1, the board of directors of Zion, Inc. declare a 10% stock dividend. On this date, there were 10,000 shares of $1 par value stock issued and outstanding and the market value was $5 per share. On March 15, the date of payment, Zion issued the stock. The entry necessary on March 15 would include a (credit/debit) to Common Stock Dividends distributable for O debit; $5,000 O debit; $1,000 O credit; $5,000 O credit; $1,000
- Prepare journal entries for each of the following transactions of Telecommunications, Inc. Apr. 15 Declared a dividend of $1.43 per share on 11,000 shares of preferred stock outstanding. May 19 Paid the dividend declared on April 15.Prepare journal entries for each of the following transactions :"March 1 : Declared a 10 %6 stock dividend to common stockholders " , market value was $ 40 .0.0 per share . Par value is $ 10.00 per share . There are 50.0, 000 shares of common stock outstanding .March 15: Issued a stock dividend in settlement of the dividend declared on March 1 .October 10 : Declared a 35%6 stock dividend to common stockholders ' . "The market value of theCommon stock is $ 30 per share . The par value is $ 10. 00 . There are 750 , 000 sharesOf common stock outstanding .October 25: issued a stock dividend in settlement of the dividend declared on October 10 .DateDescriptionDebitCredit1 - MarDescription :"15 - MarDescription10 - OctDescription !25 - OctDescriptionTop Dog, Inc. has 13,000 shares of $1 par value common stock outstanding. Top Dog, Inc. distributes a 15% stock dividend when the market value of its stock is $18 per share. Read the requirements. Requirement 1. Journalize Top Dog, Inc.'s declaration of the stock dividend on May 15 and distribution on May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend on May 15. Ad punts and Explanation Date May. 15 Requirements Debit 1. Journalize Top Dog, Inc.'s declaration of the stock dividend on May 15 and distribution on May 31. 2. What is the overall effect of the stock dividend on Top Dog, Inc.'s total assets? 3. What is the overall effect on total stockholders' equity? Credit X
- Complete the following problem Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry. Date Description Post. Ref. Debit Credit March Issued 3,000 share of Common Stock, $2 par for $15 per share. Record the journal entry. Date Description Post. Ref. Debit Credit April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry. Date Description Post. Ref. Debit Credit…Top-Value Corporation has 256,500 shares of $35 par common stock outstanding. On September 2, Top-Value Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $50 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.In its first year of operations, Martinez Corporation had the following transactions pertaining to its $10 par value preferred stock. Feb. 1 Issued 8,000 shares for cash at $24 per share. July 1 Issued 6,000 shares for cash at $25 per share. (a) Journalize the transactions.