enior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Senior Life Co.: Common stock (270,000 shares authorized; 8,000 shares issued), $25 par, $200,000; Paid-In Capital in excess of par— common stock, $24,000; and Retained earnings, $2,400,000. The board of directors declared a 1% stock dividend when the market price of the stock was $32 a share. Senior Life Co. reported no income or loss for the current year. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. Stock Dividends fill in the blank 208817fdd023002_2 fill in the blank 208817fdd023002_3 Stock Dividends Distributable fill in the blank 208817fdd023002_5 fill in the blank 208817fdd023002_6 Paid-In Capital in Excess of Par-Common Stock fill in the blank 208817fdd023002_8 fill in the blank 208817fdd023002_9 a2. Journalize the entry to record the issuance of the stock certificates. Stock Dividends Distributable fill in the blank a4cd2f04ffc001b_2 Common Stock fill in the blank a4cd2f04ffc001b_4

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter12: Statement Of Stockholders’ Equity (stockeq)

Section: Chapter Questions

Problem 1R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...

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Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Senior Life Co.: Common stock (270,000 shares authorized; 8,000 shares issued), $25 par, $200,000; Paid-In Capital in excess of par— common stock, $24,000; and Retained earnings, $2,400,000. The board of directors declared a 1% stock dividend when the market price of the stock was $32 a share. Senior Life Co. reported no income or loss for the current year.

If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown.

a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value.

Stock Dividends	fill in the blank 208817fdd023002_2	fill in the blank 208817fdd023002_3
Stock Dividends Distributable	fill in the blank 208817fdd023002_5	fill in the blank 208817fdd023002_6
Paid-In Capital in Excess of Par-Common Stock	fill in the blank 208817fdd023002_8	fill in the blank 208817fdd023002_9

a2. Journalize the entry to record the issuance of the stock certificates.

	Stock Dividends Distributable	fill in the blank a4cd2f04ffc001b_2
	Common Stock		fill in the blank a4cd2f04ffc001b_4

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