80.2K

Verified Solution

Link Copied!

Me Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $135 13, and April 12. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. ,000 on a corporation's common stock are January 12, M Jan. 12 Mar. 13 - Apr. 12 eBook Show Me How Entries for Stock Dividends Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Co.: Common stock (800,000 shares authorized; 500,000 shares issued), $4 par, $2,000,000; Paid-in capital in excess of par- common stock, $1,000,000; and market price of the stock was $13 a share. Senior Life Co. reported n Retained earnings, $33,500,000-The board of directors declared a 2% stock dividend when the o income or loss for the current year For a compound transaction, If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. a2. Journalize the entry to record the issuance of the stock certificates. b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity, Total paid-in capital Total retained earnings Total stockholders' equity c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year (1) total paid-in capital, (2) total retained earnings, and (3) total stocknolders' equity, Total paid-in capital Previous Ned 3 more Check My Work uses remaining Check My Work

Answer & Explanation Solved by verified expert

See Answer