The stockholders’ equity accounts of Sheridan Company have the following balances on December 31, 2020. Common stock, $10 par, 285,000 shares issued and outstanding $2,850,000 Paid-in capital in excess of par—common stock 1,230,000 Retained earnings 5,240,000 Shares of Sheridan Company stock are currently selling on the Midwest Stock Exchange at $38. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A stock dividend of 8% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued.
The stockholders’ equity accounts of Sheridan Company have the following balances on December 31, 2020. Common stock, $10 par, 285,000 shares issued and outstanding $2,850,000 Paid-in capital in excess of par—common stock 1,230,000 Retained earnings 5,240,000 Shares of Sheridan Company stock are currently selling on the Midwest Stock Exchange at $38. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A stock dividend of 8% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 27CE: Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common...
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The
| Common stock, $10 par, 285,000 shares issued and outstanding | $2,850,000 | |
| Paid-in capital in excess of par—common stock | 1,230,000 | |
| 5,240,000 |
Shares of Sheridan Company stock are currently selling on the Midwest Stock Exchange at $38.
Prepare the appropriate
| (a) | A stock dividend of 8% is (1) declared and (2) issued. | |
|---|---|---|
| (b) | A stock dividend of 100% is (1) declared and (2) issued. | |
| (c) | A 2-for-1 stock split is (1) declared and (2) issued. |
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