Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information: Common shares, unlimited shares authorized, 180,000 shares issued and outstanding Retained earnings $3,096,000 525,000 On January 15, 2020, the company's board of directors declared a 5% share dividend to the shareholders of record on January 20 to be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $19.80, $18.20, and $19.00, respectively Required: 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the declaration of share dividends to common shareholders. 2 Record the date of entry into the books of accounts. 3 Record the distribution of share dividends to common
Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information: Common shares, unlimited shares authorized, 180,000 shares issued and outstanding Retained earnings $3,096,000 525,000 On January 15, 2020, the company's board of directors declared a 5% share dividend to the shareholders of record on January 20 to be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $19.80, $18.20, and $19.00, respectively Required: 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the declaration of share dividends to common shareholders. 2 Record the date of entry into the books of accounts. 3 Record the distribution of share dividends to common
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...
Related questions
Question
![Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information:
Common shares, unlimited shares authorized,
180,000 shares issued and outstanding
Retained earnings
$3,096,000
525,000
On January 15, 2020, the company's board of directors declared a 5% share dividend to the shareholders of record on January 20 to
be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $19.80, $18.20, and $19.00, respectively
Required:
1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. (If
no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
1 Record the declaration of share dividends to common
shareholders.
2 Record the date of entry into the books of accounts.
3 Record the distribution of share dividends to common](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2a10a4c0-39c8-4d24-ac6c-e2a1e1c2a75c%2F6cc0d85e-60d8-4277-bef3-4cae97407f84%2Frelbrbt_processed.png&w=3840&q=75)
Transcribed Image Text:Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information:
Common shares, unlimited shares authorized,
180,000 shares issued and outstanding
Retained earnings
$3,096,000
525,000
On January 15, 2020, the company's board of directors declared a 5% share dividend to the shareholders of record on January 20 to
be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $19.80, $18.20, and $19.00, respectively
Required:
1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. (If
no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
1 Record the declaration of share dividends to common
shareholders.
2 Record the date of entry into the books of accounts.
3 Record the distribution of share dividends to common
AI-Generated Solution
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning