(Dividend Entries) The following data were taken from the balance sheet accounts of Mase- 8) field Corporation...
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(Dividend Entries) The following data were taken from the balance sheet accounts of Mase-
8) field Corporation on December 31, 2006.
Instructions Prepare the required journal entries for the following unrelated items.
(a) A5% stock dividend is declared and distributed at a time when the market value of the shares is $39 per share.
(b) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split.
(c) A dividend is declared January 5, 2007, and paid January 25, 2007, in bonds held as an investment.
The bonds have a book value of $100,000 and a fair market value of $135,000.
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Related Book For
Intermediate Accounting 2007 FASB Update Volume 2
ISBN: 9780470128763
12th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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