On December 15, 2021, Tripod Inc.s stock was trading at $3 per share and had...
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Accounting
On December 15, 2021, Tripod Inc.s stock was trading at $3 per share and had the following balances in their equity accounts: Common Stock ($0.10 Par) 1,000,000 Paid-in-Capitalexcess of par, common 6,780,000
Retained Earnings 4,672,000 a. (4%) If Tripod declared and paid a 30% stock dividend, what is the impact of the dividend on Retained Earnings and Paid-in-Capital? b. (4%) If Tripod declared and paid a 20% stock dividend, what is the impact of the dividend on Retained Earnings and Paid-in-Capital? c. (6%) Instead of declaring a stock dividend, Tripod Inc. declared a property dividend of the companys investment in Bad Investments on December 15, 2021. The carrying value of the Bad Investments stock is $6,000,000 and the fair market value is $5,000,000. Prepare the journal entries related to the property dividend declaration. d. (2%) Prepare the journal entry to record the property dividend payment.
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