(Entries for Stock Dividends and Stock Splits) The stockholders\' equity account

Question

(Entries for Stock Dividends and Stock Splits)

The stockholders' equity accounts of Lawrence Company have the following balances on December 31, 2012.

$2,640,000

Shares of Lawrence Company stock are currently selling on the Midwest Stock Exchange at $38.

Prepare the appropriate journal entries for each of the following. (a) and (b) and provide answer for (c). (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Common stock, $10 par, 264,000 shares issued and outstanding

$2,640,000

Paid-in capital in excess of par 1,200,000 Retained earnings 5,600,000

Explanation / Answer

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