The shareholders' equity section of the statement of financial position of Crane Winery Inc. at December 31, 2024, is given below: Shareholders' equity: Preferred shares, $7 cumulative, unlimited authorized, 199,000 shares issued and outstanding Common shares, 200,000 authorized, 75,000 shares issued and outstanding Retained earnings Total shareholders' equity (a) On December 31, 2024, the board of directors proposed a five-for-four common stock split. The proposal was approved and new shares were distributed among shareholders. The market price of the shares on December 31, 2024, was $23 per share. Your answer is correct. The number of shares distributed from the split (b) $1,990,000 Determine the number of shares that were distributed among the shareholders as a result of the five-for-four stock split. eTextbook and Media 1,500,000 2,661,000 List of Accounts $6,151,000 18750 What accounting entry will be made for this split? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)

The shareholders' equity section of the statement of financial position of Crane Winery Inc. at December 31, 2024, is given below: Shareholders' equity: Preferred shares, $7 cumulative, unlimited authorized, 199,000 shares issued and outstanding Common shares, 200,000 authorized, 75,000 shares issued and outstanding Retained earnings Total shareholders' equity (a) On December 31, 2024, the board of directors proposed a five-for-four common stock split. The proposal was approved and new shares were distributed among shareholders. The market price of the shares on December 31, 2024, was $23 per share. Your answer is correct. The number of shares distributed from the split (b) $1,990,000 Determine the number of shares that were distributed among the shareholders as a result of the five-for-four stock split. eTextbook and Media 1,500,000 2,661,000 List of Accounts $6,151,000 18750 What accounting entry will be made for this split? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 25P: The controller of Red Lake Corporation has requested assistance in determining income, basic...

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Crane Corporation had the following shareholders' equity on December 31, 2022: Common shares, 1,000,000 shares authorized, issued and outstanding Contributed surplus (Common Shares) Retained earnings Total shareholders' equity The following transactions occurred, in the order given, during 2023: (a) (b) (c) (d) (e) (a) (b) No. Accounts Titles and Explanation (c) (d) Prepare the journal entries to record the above transactions for Crane Corporation for 2023. (Round average share price to 2 decimal places for your calculations, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) (e) 1,000 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share.…
Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At December 31, 2018, Oakwood had 6,000,000 authorized shares of $10 par value common stock, of which 2,000,000 shares were issued and outstanding. The shareholders’ equity accounts at December 31, 2018, had the following balances: Transactions during 2019 and other information relating to the shareholders’ equity accounts were as follows: 1. On January 5, 2019, Oakwood issued at $54 per share, 100,000 shares of $50 par value, 9%, cumulative convertible preferred Stock. Each share of preferred stock is convertible, at the option of the holder, into 2 shares of common stock. Oakwood had 600,000 authorized shares of preferred stock. 2. On February 2, 2019, Oakwood reacquired 20,000 shares of its common stock for $16 per share. Oakwood uses the cost method to account for treasury stock. 3. On April 27, 2019, Oakwood sold 500,000 shares (previously unissued) of $10 par value common stock to the…
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