[The following information applies to the questions displayed below.] Brice Company completed the following transactions in Year 1, the first year of operation: 1. Issued 36,000 shares of no-par common stock for $15 per share. 2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share. 3. Paid a cash dividend of $12,250 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. Provide journal entry and ledger
[The following information applies to the questions displayed below.] Brice Company completed the following transactions in Year 1, the first year of operation: 1. Issued 36,000 shares of no-par common stock for $15 per share. 2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share. 3. Paid a cash dividend of $12,250 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. Provide journal entry and ledger
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...
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