The stockholders’ equity accounts of Cheyenne Company have the following balances on December 31, 2020. Common stock, $10 par, 295,000 shares issued and outstanding $2,950,000 Paid-in capital in excess of par—common stock 1,280,000 Retained earnings 5,950,000 Shares of Cheyenne Company stock are currently selling on the Midwest Stock Exchange at $39. Prepare the appropriate journal entries for each of the following cases. (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 0 for the amounts.) (a) A stock dividend of 7% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued.
The stockholders’ equity accounts of Cheyenne Company have the following balances on December 31, 2020. Common stock, $10 par, 295,000 shares issued and outstanding $2,950,000 Paid-in capital in excess of par—common stock 1,280,000 Retained earnings 5,950,000 Shares of Cheyenne Company stock are currently selling on the Midwest Stock Exchange at $39. Prepare the appropriate journal entries for each of the following cases. (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 0 for the amounts.) (a) A stock dividend of 7% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The
| Common stock, $10 par, 295,000 shares issued and outstanding | $2,950,000 | |
| Paid-in capital in excess of par—common stock | 1,280,000 | |
| 5,950,000 |
Shares of Cheyenne Company stock are currently selling on the Midwest Stock Exchange at $39.
Prepare the appropriate
| (a) | A stock dividend of 7% is (1) declared and (2) issued. | |
|---|---|---|
| (b) | A stock dividend of 100% is (1) declared and (2) issued. | |
| (c) | A 2-for-1 stock split is (1) declared and (2) issued. |
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