FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The board of directors declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
prepare journal
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- .arrow_forwardPrepare the following journal entries issued 2,000 shares of common stock, $ 1 par value at an issue price of $ 12.00. The board of directors declared a $ .25 cents per share dividend on the 10,000 common shares outstanding.arrow_forwardThe charter of a corporation provides for the issuance of 114,000 shares of common stock. Assume that 51,000 shares were originally issued and 6,800 were subsequently reacquired. What is the number of shares outstanding?arrow_forward
- A corporation that had 28,000 shares of common stock outstanding declared a 4-for-1 stock split. a. What will be the number of shares outstanding after the split? shares b. If the common stock had a market price of $92 per share before the stock split, what would be an approximate market price per share after the split? per share c. Journalize the entry for the stock split. If no entry is required, type "No Entry Required" and leave the amount boxes blank. Debit Credit Accountarrow_forwardThe charter of a corporation provides for the issuance of 95,662 shares of common stock. Assume that 37,907 shares were originally issued and 3,885 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? a.$68,044 b.$3,885 c.$95,662 d.$37,907arrow_forwardOn June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 100 million, $5.00 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $31 on June 13. Prepare the journal entry to record the stock split if it is to be effected in the form of a 100% stock dividend. What is the par per share after the split? Complete this question by entering your answers in the tabs below. General Journal Par value Prepare the journal entry to record the stock split if it is to be effected in the form of a 100% stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the stock split effected in the form of a 100% stock dividend. 4>arrow_forward
- The charter of a corporation provides for the issuance of 111,000 shares of common stock. Assume that 59,000 shares were originally issued and 5,100 were subsequently reacquired. What is the number of shares outstanding? Select the correct answer. 64,100 59,000 53,900 5,100arrow_forwardThe charter of a corporation provides for the issuance of 111,000 shares of common stock. Assume that 53,000 shares were originally issued and 10,700 were subsequently reacquired. What is the number of shares outstanding?arrow_forwardAgri Gold Ltd. began operations on January 1, 1983 by issuing 54,000 common shares at $13 per share and 26,000 $8 cumulative preferred shares at $20 per share. During 1983 Agri Gold Ltd issued an additional 8,000 common shares at $11 per share and 2,000 preferred shares at $30 per share. 2019 profit was $355,000 and the Board declared $81,000 in dividends. Required: Prepare the Shareholders' Equity section of Agri Gold Ltds Balance Sheet at December 31, 1983.arrow_forward
- The board of durectors declared a $2 per share cash dividend on common stock and the corporation had 5,000 shares authorized and 4,000 shares outstanding. The journal entry for the dividend declaration would be:arrow_forwardA corporation has 50,000 shares of $25 par stock outstanding. If the corporation issues a 3-for-1 stock split, the number of shares outstanding after the split will bearrow_forward
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