On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 100 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $21 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is not to be effected in the form of a stock dividend. What is the par per share after the split?

Q: Vincent Corporation has 91,000 shares of $105 par common stock outstanding. On June 30, Vincent…

A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…

Q: On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on…

A:

Q: OldShoe, Inc. had 40,000 shares of common stock outstanding with a $15 par on August 24. 2019. The…

A: A stock split is a method used by firms to increase the outstanding shares by decreasing the par…

Q: Alpine Energy Corporation has 1,500,000 shares of $10 par common stock outstanding. On August 2,…

A: Required journal entry:

Q: Kinmi Financial Corporation is the parent company of Kinmi Bank. The company's stock split was…

A: A stock split is a decision by a company's board of directors to increase the number of shares that…

Q: On September 1, Twister Enterprises declares and pays a 100% stock dividend on its 13,000, $1 par,…

A: Stock dividend = $13,000 x 100% = $13,000

Q: On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On October 31, the stockholders' equity section of Sheridan Company consists of common stock…

A: No. of shares issued under stock dividend = No. of shares outstanding x stock dividend rate = 33500…

Q: On October 31, the stockholders' equity section of Cullumber Company consists of common stock…

A: Balance Sheet: The assets, liabilities, and shareholder equity of a firm are all reported on the…

Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd.…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Dividend refers to the return a shareholder gets on his investment made in stocks. It can be cash…

Q: Italian Stallion has the following transactions during the year related to stockholders' equity.…

A: Common shares=Number of shares×Par value=4,200×$15=$63,000

Q: On October 31, the stockholders’ equity section of Oriole Company’s balance sheet consists of common…

A: Stock dividend shares = 83,300*6% Stock dividend shares = 4,998 Stock dividend ($) = 4,998*$15 Stock…

Q: On October 31, the stockholders' equity section of Sheridan Company consists of common stock…

A: Stockholder's equity:  It is also known as the balance of assets available to shareholders after…

Q: The following note related to equity was reported in Jinpain International's (CHN) annual report. On…

A: a). The record date decided by the board of directors of a company is the date by which the names of…

Q: The following note related to stockholders’ equity was reported in Wiebold, Inc.'s annual report.…

A: a.

Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…

A: Solution:- Journal entries in the books of Red Market Corporation

Q: 2. Homework Chapter 10

A: In Stock split offers are given to the present investor's in extent of their current offers. It is…

Q: On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock at $19 per share. On August 3,…

A: This question provides that acquire of shares and sold of share. we have to journalize the…

Q: On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a…

A: Journal entries should not be used to record routine transactions such as customer billings and…

Q: On January 15, 2014, King International’s board of directors declared a 3-for-1 stock split of its…

A: Particulars Amount ($) Common Stock $12 par (3200000 shares authorized and 800000 issued) 9600000…

Q: Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique…

A: Given: Outs standing share = 820,000 Stock dividend = 5% Market price on June 8 = $63

Q: Tulip Corporation uses the cost method to account for treasury stock transactions on December 31.…

A: Journal entry is a record of financial transaction in the books of accounts prepared using the three…

Q: On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 60 million,…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: OldShoe, Inc. had 40,000 shares of common stock outstanding with a $15 par on August 24. 2019. The…

A: Given, Shares = 40000 shares Value = At Par $ 15 each   Shareholder's Fund (Prior split) = 40000 *…

Q: On October 31, the stockholders’ equity section of Sunland Company consists of common stock $305,000…

A: Formula: Number of outstanding shares = Total common stock value / PAR value. Division of common…

Q: On Thursday, May 18, the board of directors of ABC declares a 30-cent-per-share dividend to…

A: On Thursday, May 18, the board of directors of ABC declares a 30-cent-per-share dividend to…

Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd.…

A: when transaction is recorded wrongly in account, it needs to be corrected when it is found.   1.…

Q: A corporation, which had 33,000 shares of common stock outstanding, declared a 3-for-1 stock split.…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

Q: On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per…

A: Treasury stock often referred to as treasury shares, is previously outstanding shares which the…

Q: Hanmi Financial Corporation is the parent company of Hanmi Bank. The company’s stock split was…

A: Stock Splits: It is a method of increasing the total number of outstanding shares thereby, reducing…

Q: A corporation, which had 39,700 shares of common stock outstanding, declared a 3-for-1 stock split.…

A: The stock split is a method of increasing the number of shares by decreasing the market value at the…

Q: On October 31, the stockholders' equity section of Crane Company's balance sheet consists of common…

A: Stock dividend is a method of capitalizing the retained earning. Under this, no profit is…

Q: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large…

A: Small stock dividend  A small stock dividend is distribution of 25 percent or less outstanding…

Q: On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 40 million,…

A:

Q: On October 1, Hawking Corp. had 40,000 shares of $2 par value common stock outstanding before it…

A: Stock split means where company decided to increase the number of share and decrease the par value…

Q: On December 10, Daniel Co. split its stock 5-for-2 when the market value was $65 per share.Prior to…

A: Split of Shares/Stock: When an organization splits the shares, it increases the number of shares of…

Q: Italian Stallion has the following transactions during the year related to stockholders' equity.…

A: The journal book keep the record of the business transactions on daily basis.

Q: On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per share.…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: A corporation, which had 37,300 shares of common stock outstanding, declared a 5-for-1 stock split.…

A: A stock split is a method of increasing the number of outstanding shares by decreasing the share…

Q: On June 30, the board of directors of Sandals, Inc., declares and pays a 100% stock dividend on its…

A: Large stock dividend: A stock dividend is considered to be large if new shares issued as stock…

Q: During May, Deckers Outdoor Corporation announced a 3-for-1 stock split.  This brought the number of…

A: When a firm divides the old shares of its stock into multiples to increase the liquidity of stock…

Q: On January 1, 2020, Company D issued 6,000 shares of its $2 par Common Stock when the market price…

A: Stocks: Common stock and preferred stock are the two types of stocks. Common stock represents the…

Q: Whispering Ltd. began its latest fiscal year on January 1, 2020, with 12,000 common shares…

A: The weighted average common shares are the common equity shares outstanding at the end of the year…

Q: On Jan 1, Niumbus ent. issues 4,550 shares of no-par common stock at a cash price of P9 per share.…

A: Journal entries is an process of recording accounting transactions in the books of an enterprise and…

Q: A corporation, which had 24,900 shares of common stock outstanding, declared a 5-for-1 stock split.…

A: Stock split is issue of more number of shares at less value price. It generally increase the number…