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The stockholders’ equity accounts of Flint Company have the following balances on December 31, 2020. Common...

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Accounting

The stockholders’ equity accounts of Flint Company have thefollowing balances on December 31, 2020. Common stock, $10 par,292,000 shares issued and outstanding $2,920,000 Paid-in capital inexcess of par—common stock 1,320,000 Retained earnings 5,080,000Shares of Flint Company stock are currently selling on the MidwestStock Exchange at $33. Prepare the appropriate journal entries foreach of the following cases. (Credit account titles areautomatically indented when amount is entered.

(a)A stock dividend of 6% is (1) declared and (2) issued.
(b)A stock dividend of 100% is (1) declared and (2) issued.
(c)A 2-for-1 stock split is (1) declared and (2) issued.

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No. Account Titles and Explanation Debit Credit
(a) (1) Retained Earnings       578,160 (292,000 x 6% x $33)
Common Stock Dividend Distributable      175,200 (292,000 x 6% x $10)
Paid-in Capital in Excess of Par-Common Stock      402,960 balance
(a) (2) Common Stock Dividend Distributable       175,200
Common Stock      175,200
(b) (1) Retained Earnings    2,920,000
Common Stock Dividend Distributable 2,920,000
(b) (2) Common Stock Dividend Distributable    2,920,000
Common Stock 2,920,000
(c) (1) No Entry Required               -  
(c) (2) No Entry Required

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The stockholders’ equity accounts of Flint Company have thefollowing balances on December 31, 2020. Common stock, $10 par,292,000 shares issued and outstanding $2,920,000 Paid-in capital inexcess of par—common stock 1,320,000 Retained earnings 5,080,000Shares of Flint Company stock are currently selling on the MidwestStock Exchange at $33. Prepare the appropriate journal entries foreach of the following cases. (Credit account titles areautomatically indented when amount is entered.(a)A stock dividend of 6% is (1) declared and (2) issued.(b)A stock dividend of 100% is (1) declared and (2) issued.(c)A 2-for-1 stock split is (1) declared and (2) issued.

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