With proper Format and calculations The following data were taken from the balance sheet accounts of Carla Corporation on December 31, 2019.Current assets$541,000Debt investments (trading)622,000Common stock (par value $10)508,000Paid-in capital in excess of par143,000Retained earnings781,000Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)(a)A 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41.(b)The par value of the common stock is reduced to $2 with a 5-for-1 stock split.(c)A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a bookvalue of $102,000 and a fair value of $132,000.No.DateAccount Titles and ExplanationDebitCredit(a) (1)(a) (2)(b)(c)(To record change in value of bonds)(To record change in value of bonds)(To record the declaration of dividends)

A journal entry is an act of keeping and recording all the business transactions in the books of…

The following data were taken from the balance sheet accounts of Carla Corporation on December 31, 2019. Current assets $541,000 Debt investments (trading) 622,000 Common stock (par value $10) 508,000 Paid-in capital in excess of par 143,000 Retained earnings 781,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) A 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $102,000 and a fair value of $132,000.

The following data were taken from the balance sheet accounts of Carla Corporation on December 31, 2019. Current assets $541,000 Debt investments (trading) 622,000 Common stock (par value $10) 508,000 Paid-in capital in excess of par 143,000 Retained earnings 781,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) A 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split. (c) A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $102,000 and a fair value of $132,000.

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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