Januar 1 2017 Hluc Spruce Corp. had $1,100 00d of common stock outstanding that

Question

Januar 1 2017 Hluc Spruce Corp. had $1,100 00d of common stock outstanding that w s issued at par and retained earnings of S 19.000. The campany issued 30 D00 shares of common stock at par on July 1 and earned net incomc of S 54,000 for thc v credit account titles are automatical y i dented when amount s entered. Do not ndent ma ual select Journalize the declaration o a 15% stock dividend on December 10, 2017, or the following two independent assumptions Entry" lor the account titles and enter 0 for the amounts. If no entry s requ e No (a) Par value is $10 and market price is $18. b) Par value is 5 and market price is $3 No. Account Titles and Explanation Debit Credit TEA) tib)

Explanation / Answer

a Retained earnings 378000 =(110000+30000)*15%*18        Common stock dividend distributabe 210000 =(110000+30000)*15%*10         Paid in capital in excess of par-Common stock 168000 b Retained earnings 300000 =(220000+30000)*15%*8        Common stock dividend distributabe 187500 =(220000+30000)*15%*5         Paid in capital in excess of par-Common stock 112500

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.