(Dividend Entries) The following data were taken from the balance sheet accounts of Mase- 8) field Corporation...

Question:

(Dividend Entries) The following data were taken from the balance sheet accounts of Mase-
8) field Corporation on December 31, 2006.

image text in transcribed

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting 2007 FASB Update Volume 2

ISBN: 9780470128763

12th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Question Posted: