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 (210,000 shares authorized; 6,000 shares issued), $50 par, $300,000; Paid-In Capital in excess of par— common stock, $60,000; and Retained earnings, $3,000,000. The board of directors declared a 1% stock dividend when the market price of the stock was $61 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.
Entries for Stock Dividends
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 (210,000 shares authorized; 6,000 shares issued), $50 par, $300,000; Paid-In Capital in excess of par— common stock, $60,000; and
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.
| Stock Dividends | fill in the blank e3f111f33f9900a_2 | fill in the blank e3f111f33f9900a_3 | |
| Stock Dividends Distributable | fill in the blank e3f111f33f9900a_5 | fill in the blank e3f111f33f9900a_6 | |
| Paid-In Capital in Excess of Par-Common Stock | fill in the blank e3f111f33f9900a_8 | fill in the blank e3f111f33f9900a_9 |
a2. Journalize the entry to record the issuance of the stock certificates.
| Stock Dividends Distributable | fill in the blank 9d7dd9058f99faa_2 | ||
| Common Stock | fill in the blank 9d7dd9058f99faa_4 |
b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity.
| Total paid-in capital | $fill in the blank 14affe02efb2ff4_1 |
| Total retained earnings | $fill in the blank 14affe02efb2ff4_2 |
| Total stockholders' equity | $fill in the blank 14affe02efb2ff4_3 |
c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity.
| Total paid-in capital | $fill in the blank 14affe02efb2ff4_4 |
| Total retained earnings | $fill in the blank 14affe02efb2ff4_5 |
| Total stockholders' equity | $fill in the blank 14affe02efb2ff4_6 |
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