17. Industries: The following account balances appear on the balance sheet of Osgood Common Stock (300,000 shares authorized, $100 par): $10,000,000 Paid-in Capital in Excess of Par - Common Stock: $2,000,000; Retained earnings: $45,000,000. The board of directors declared a 2% stock dividend when the market price of the stock was $135 a share. Osgood reported no income or loss for the current year. Required: (1) Journalize the entries to record the declaration of the dividend, capitalizing an amount equal to market value; and b. the issuance of the stock certificates. a. (2) Determine the following amounts before the stock dividend was declared: a. Total paid-in capital; b. Total retained earnings, and c. Total stockholders' equity. (3) Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: a. Total paid-in capital; b. Total retained earnings: and c. Total stockholders' equity. 18. On March 4, of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common stock at $89 per share. On August 7, Barefoot Bay sold 3,500 of the reacquired shares at $100 per share. The remaining 1,500 shares were sold at $88 per share on November 29. Required: (1) Joumalize the transaction of March 4, August 7, and November 29. (2) What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31, of the current year? 9 (3) Why might Barefoot Bay Inc. have purchased the treasury stock 17. Industries: The following account balances appear on the balance sheet of Osgood Common Stock (300,000 shares authorized, $100 par): $10,000,000 Paid-in Capital in Excess of Par - Common Stock: $2,000,000; Retained earnings: $45,000,000. The board of directors declared a 2% stock dividend when the market price of the stock was $135 a share. Osgood reported no income or loss for the current year. Required: (1) Journalize the entries to record the declaration of the dividend, capitalizing an amount equal to market value; and b. the issuance of the stock certificates. a. (2) Determine the following amounts before the stock dividend was declared: a. Total paid-in capital; b. Total retained earnings, and c. Total stockholders' equity. (3) Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: a. Total paid-in capital; b. Total retained earnings: and c. Total stockholders' equity. 18. On March 4, of the current year, Barefoot Bay, Inc. reacquired 5,000 shares of its common stock at $89 per share. On August 7, Barefoot Bay sold 3,500 of the reacquired shares at $100 per share. The remaining 1,500 shares were sold at $88 per share on November 29. Required: (1) Joumalize the transaction of March 4, August 7, and November 29. (2) What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31, of the current year? 9 (3) Why might Barefoot Bay Inc. have purchased the treasury stock