Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. feb. 1 the board of directors declared a stock spl

Feb. 1 The board of directors declared a stock split which reduced the par of...

50.1K

Verified Solution

Question

Accounting

Feb. 1 The board of directors declared a stock split which reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost.
May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock.
15 Paid the dividend declared on May 1.
Oct. 19 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55).
Nov. 12

Issued the certificates for the common stock dividend declared on October 19.

Prepare entries to record each of the selected transactions completed during the current fiscal year. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Ad Lib Cntrol Two per Day Control Food Deprived Water Deprived Food and Water Deprived 18 20 6 15 12 20 25 9 10 11 21 27 8 9 8 16 23 6 12 13 15 25 11 14 11 90 120 40 60 55 Data represent the effects of...

Statistics
Q

Choose 2 (TWO) of the following PAIRS of terms related to PLANTS to compare and contrast...

Biology
Q

1. Patients with a specific shared brain lesion have a specific set of behavioral deficits. Does...

Medical Sciences
Q

Question 2 2.1       A brass rod of 25 mm in diameter is enclosed in a steel tube....

Mechanical Engineering
Q

Employees at many successful companies start the day by checking the economic forecast.92Patagonia’s employees start the...

General Management
Q

One side of a triangle is increasing at a rate of 4 cm s and...

Basic Math
Q

The limit below represents the derivative of some function f x at some number a...

Calculus
Q

9 54x y x 3 12 X

Algebra
Q

Which of the following reduces taxable income in the full amount of the...

Accounting
Q

Aylward Inc. currently has $2,175,000 in current assets and $839,000 in current liabilities. The company's...

Accounting
Q

30. Conglomerate integration: A. reduces the transaction costs of acquiring inputs. B. improves cash flow...

Accounting
Q

pricing mangement about differ chat norway, company what is the optimal way to charge...

Finance