80.2K

Verified Solution

Link Copied!

*Practice Exercise 15-5 The stockholders' equity accounts of Pearl Company have the following balances on December 31, 2017 Common stock, $3 par, 1,100,000 shares issued and outstanding Paid-in-capital in excess of par - common stock Retained earnings $3,300,000 4,400,000 8,635,000 Shares of Pearl Company stock are currently selling on the Midwest Stock Exchange at $26 Prepare the appropriate journal entries for each of the following independent cases Your answer is partially correct. Try again A stock dividend of 10% is declared and issued. (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.) Account Titles and Explanation Debit Credit etained Earnin ommon Stock Dividend Distributabl aid-in Capital in Excess of Par Common Stoc Common Stock Common Stoc Your answer is partially correct. Try again A stock dividend of 50% is declared and issued. (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.) Account Titles and Explanation Debit Credit etained Earnin ommon Stock Dividend Distributable ommon Stock Dividend Distributable ommon Stoc Your answer is correct. A 2-for-1 stock split is declared and issued. (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.) Account Titles and Explanation Debit Credit % o Ent o Ent

Answer & Explanation Solved by verified expert

See Answer