Element Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Element declares and distributes a 1% stock dividend when the market value of its stock is $22 per share.1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required.2. What was the overall effect of the stock dividend on Element's total assets? On total liabilities? On total stockholders' equity?1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.)Journal EntryDateAccountsDebitCreditMay11

Question
Asked Nov 27, 2018
6 views

Answer all questions. Ch.10-2

Element Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Element declares and distributes a 1% stock dividend when the market value of its stock is $22 per share.
1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required.
2. What was the overall effect of the stock dividend on Element's total assets? On total liabilities? On total stockholders' equity?
1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
Date
Accounts
Debit
Credit
May
11
help_outline

Image Transcriptionclose

Element Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Element declares and distributes a 1% stock dividend when the market value of its stock is $22 per share. 1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required. 2. What was the overall effect of the stock dividend on Element's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit May 11

fullscreen
check_circle

Expert Answer

Please find answer i...

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For it...

A: Activity-based costing (ABC): The costing method which allocates overheads to the products based on ...

question_answer

Q: I'm not understanding how to solve this problem. I watched the video given as an example but that ju...

A: a1: Prepare a journal entry to record the cost of transferred-in material.

question_answer

Q: On January 1, Innovative Solutions, Inc., issued $160,000 in bonds at face value. The bonds have a s...

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from ...

question_answer

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax exclusion...

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs ...

question_answer

Q: Sat 11:40 PM Help cory Bookmarks Window v2.cengagenow.com Calculator Print Item Show Me How eBook Ac...

A: Formula for Accounts receivable turnover:Accounts receivable turnover = Net credit sales / Average r...

question_answer

Q: On December 31, 2016, Cullumber Company had 1,385,000 shares of $6 par common stock issued and outst...

A: Calculate the values related to preferred stock account that would appear on the stockholders\\\' eq...

question_answer

Q: What is the relationship between the amount shown in the adjusted trial balance column for an accoun...

A: Adjusted trial balance:  Adjusted trial balance is that statement which contains complete list of ac...

question_answer

Q: 11.4Calculate financial leverage measures The following information was available for the year ended...

A: Calculate the debt ratio.

question_answer

Q: XS Supply Company is developing its annual financial statements at December 31. The statements are c...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...