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Exercise 15-15
The following data were taken from the balance sheet accounts ofShamrock Corporation on December 31, 2016.
Current assets | | $554,000 |
Debt investments | | 596,000 |
Common stock (par value $10) | | 455,000 |
Paid-in capital in excess of par | | 148,000 |
Retained earnings | | 800,000 |
Prepare the required journal entries for the following unrelateditems. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles andenter 0 for the amounts.)
(a) | | A 4% stock dividend is (1) declared and (2) distributed at atime when the market price per share is $37. |
(b) | | The par value of the common stock is reduced to $2 with a5-for-1 stock split. |
(c) | | A dividend is declared January 5, 2017, and paid January 25,2017, in bonds held as an investment. The bonds have a book valueof $105,000 and a fair value of $133,000. |
No. | Date | Account Titles and Explanation | Debit | Credit |
(a) (1) | | | | |
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(a) (2) | | | | |
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(b) | | | | |
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(c) | Jan. 5, 2017Jan. 25, 2017 | | | |
| | | | |
| | (To record change in value of bonds) | | |
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| | | | |
| | (To record the declaration of dividends) | | |
| Jan. 5, 2017Jan. 25, 2017 | | | |
| | | | |
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