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 Feedback Recall that a stock dividend affects only stockholders' equity. 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 Feedback What is the company giving to the stockholders? 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 dbebb4fe9f8b046_1 Total retained earnings $fill in the blank dbebb4fe9f8b046_2 Total stockholders' equity $fill in the blank dbebb4fe9f8b046_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 dbebb4fe9f8b046_4 Total retained earnings $fill in the blank dbebb4fe9f8b046_5 Total stockholders' equity $fill in the blank dbebb4fe9f8b046_6

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 Feedback Recall that a stock dividend affects only stockholders' equity. 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 Feedback What is the company giving to the stockholders? 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 dbebb4fe9f8b046_1 Total retained earnings $fill in the blank dbebb4fe9f8b046_2 Total stockholders' equity $fill in the blank dbebb4fe9f8b046_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 dbebb4fe9f8b046_4 Total retained earnings $fill in the blank dbebb4fe9f8b046_5 Total stockholders' equity $fill in the blank dbebb4fe9f8b046_6

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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Question

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

Feedback

Recall that a stock dividend affects only stockholders' equity.

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

Feedback

What is the company giving to the stockholders?

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 dbebb4fe9f8b046_1
Total retained earnings	$fill in the blank dbebb4fe9f8b046_2
Total stockholders' equity	$fill in the blank dbebb4fe9f8b046_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 dbebb4fe9f8b046_4
Total retained earnings	$fill in the blank dbebb4fe9f8b046_5
Total stockholders' equity	$fill in the blank dbebb4fe9f8b046_6

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