|a & b)|
|To Dividend Payable||$ 1,20,000.00|
|01-Feb||Dividend Payable||$ 1,20,000.00|
|To Cash||$ 1,20,000.00|
|01-Mar||No Entry but increase Number of shares=(120000*2)=240000|
|01-Jul||Stock Dividend(120000*2*10%*$13)||$ 3,12,000.00|
|To Common Stock dividend distributable||$ 2,40,000.00|
|To Paid in capital excess of par||$ 72,000.00|
|(Being amount of Stock Dividend)|
|31-Jul||Common Stock dividend distributable||$ 2,40,000.00|
|To Common Stock||$ 2,40,000.00|
|01-Dec||Cash Dividend (240000+24000)=(264000*.50)||$ 1,32,000.00|
|To Dividend Payable||$ 1,32,000.00|
|31-Dec||Income Summary||$ 3,50,000.00|
|To Retained Earnings||$ 3,50,000.00|
|31-Dec||Retained Earnings||$ 3,12,000.00|
|To Stock Dividend||$ 3,12,000.00|
|31-Dec||Retained Earnings||$ 2,52,000.00|
|To Cash Dividend||$ 2,52,000.00|
|31-Dec||Balance c/d||$ 14,40,000.00||01-Jan||Balance||$ 12,00,000.00|
|31-Jul||Common Stock dividend distributable||$ 2,40,000.00|
|Total||$ 14,40,000.00||Total||$ 14,40,000.00|
|Common Stock dividend Distributable|
|31-Jul||To Common Stock||$ 2,40,000.00||01-Jul||Stock Dividend||$ 2,40,000.00|
|Total||$ 2,40,000.00||Total||$ 2,40,000.00|
|Paid in capital excess of par|
|31-Dec||To Balance C/d||$ 2,72,000.00||01-Jan||Balance||$ 2,00,000.00|
|01-Jul||Stock Dividend||$ 72,000.00|
|Total||$ 2,72,000.00||Total||$ 2,72,000.00|
|31-Dec||To Stock Dividend||$ 3,12,000.00||31-Dec||Net Income||$ 3,50,000.00|
|31-Dec||To Cash Dividend||$ 2,52,000.00|
|Total||$ 9,50,000.00||Total||$ 9,50,000.00|
|Common Stock(144000 shares @$10)||$ 14,40,000.00|
|Paid in Capital Excess of Par||$ 2,72,000.00|
|Retained Earnings||$ 3,86,000.00|
|Total Stockholder's Equity||$ 20,98,000.00|
Similar Solved Questions
Why do you think individuals with lower levels of income are more likely to become compulsive gamblers than those with higher levels of income?...
Required information The following information applies to the questions displayed below. ELS Corporation is about to...
Required information The following information applies to the questions displayed below. ELS Corporation is about to begin its sixth year of existence. Assume that ELS reported gross receipts for each of its first five years of existence for Scenarios A, B, and C as follows: Year of Existence Scenar...
[The following information applies to the questions displayed below.] O’Brien Company manufactures and sells one product....
[The following information applies to the questions displayed below.] O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials ...
Case Study 2 Antihistamines An eight-year-old child is brought into the clinic by her mother Each...
Case Study 2 Antihistamines An eight-year-old child is brought into the clinic by her mother Each year in the spring, the chil eyes and sneezing. She was treated in the past with diphenhydramine. But her teacher said it made her drowsy during school. She has no other medical problems and is not on a...
The measure of an angle is 24°. What is the measure of a complementary angle?...
Define the following terms related to the pharmacology of medications (10-40 words each) and describe those...
Define the following terms related to the pharmacology of medications (10-40 words each) and describe those terms in relation to Paracetamol (30-50 words each). Definition Paracetamol 7.1) Pharmacodynamics 7.2). Phramacokinetics 7.3) Pharmaco...
Determine the major organic product for the following reaction scheme....
) John approached you with a business proposition to invest in a project. The Annual Cash Flows (CFt) are uncertain. However, the following probability distribution provides you with expectations: Probable Cash Flow (CF) Probability P(CF) $80,000 .25 $120,000 .65 $150,000 .1...
Chapter 11, Problem 029 In the instant of the figure, two particles move in an xy plane. Particle P, has mass 8.84 kg and speed V, 8.48 m/s, and it is at distance dy = 5.13 m from point O. Particle Phas mass 1.38 kg and speed v2 - 3.93 m/s, and it is at distance dy 7.31 m from point o. What is the m...
idk if its a left tailed or right tailed z test, or a left tailed t test, or a two tailed z test. Im also having trouble finding the p value A political campaign is interested in whether city 1 has more support for raising the minimum wage than city 2. Polls were conducted in the two largest cities...
Westbrook Corp is considering purchasing a triple-double producing machine to help with overall company production. The...
Westbrook Corp is considering purchasing a triple-double producing machine to help with overall company production. The machine costs $175,000 and is expected to have an eight-year useful life with a salvage value of $16,000. Westbrook also expects to pay $15,000 to update the machine after 3 years ...
1) A scatterplot of sales per month (in thousands of dollars) vs. number of employees for all the outlets of a large computer chain shows a relationship that is straight, with only moderate scatter and no outliers. The correlation between Sales and Employees is 0.85, and the equation of the least sq...
Which of the following best describes the effectiveness of health care? Select one: a. Fairness in...
Which of the following best describes the effectiveness of health care? Select one: a. Fairness in access to health care b. Achieving the greatest health benefits for the least cost c. The extent to which health care achieves what it is intended to d. Whether health care responds to the legitimate e...
In a galvanic cell a spontaneous redox reaction occurs However, the reactants are separated such that...
In a galvanic cell a spontaneous redox reaction occurs However, the reactants are separated such that the transfer of electrons is forced to occur across a The resulting electricity is measured in volts(V) and is the sum of the potentials of the oxidation and reduction half-reactions: By reversing t...
Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing...
Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as f...