Texas Corporation had outstanding 100,000 shares of no-par-value common stock, with a stated value of $12, on

Question:

Texas Corporation had outstanding 100,000 shares of no-par-value common stock, with a stated value of $12, on December 1, 2019. The directors voted to split the stock on a 2-for-1 basis, issuing one new share to stockholders for each share presently owned. The estimated fair value of the new share will be $6. Give any general journal entry required on December 1.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...