3 On January 1, 2018, Turner Corporation had the following account balances: 4 5 Common stock, $1 par, 250,000 shares issued 6 Paid-in-capital - excess of par, common 7 Preferred stock, $100 par, 10,000 shares outstanding 8 Paid-in-capital - excess of par, preferred 9 Retained earnings 10 Treasury stock, at cost, 5,000 shares 12 During 2018, the following transactions occured relating to common stock: 13 14 1/15/2018 15 2/17/2018 16 4/10/2018 17 7/18/2018 18 12/1/2018 19 20 9 6 8 21 Required: 250,000 500,000 1,000,000 100,000 2,000,000 25,000 Declared a property dividend of 100,000 shares of Wagner Company (book value $10 per share; fair value $9 per share) Distributed the property dividend A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date. Declared and distributed a 3% stock dividend on outstanding common stock; fair value per share, $5 Declared a $0.50 cents per share cash dividend on the outstanding common shares Paid the cash dividend 22 Prepare the required journal entries for the above transactions. 23 3 On January 1, 2018, Turner Corporation had the following account balances: 4 5 Common stock, $1 par, 250,000 shares issued 6 Paid-in-capital - excess of par, common 7 Preferred stock, $100 par, 10,000 shares outstanding 8 Paid-in-capital - excess of par, preferred 9 Retained earnings 10 Treasury stock, at cost, 5,000 shares 12 During 2018, the following transactions occured relating to common stock: 13 14 1/15/2018 15 2/17/2018 16 4/10/2018 17 7/18/2018 18 12/1/2018 19 20 9 6 8 21 Required: 250,000 500,000 1,000,000 100,000 2,000,000 25,000 Declared a property dividend of 100,000 shares of Wagner Company (book value $10 per share; fair value $9 per share) Distributed the property dividend A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date. Declared and distributed a 3% stock dividend on outstanding common stock; fair value per share, $5 Declared a $0.50 cents per share cash dividend on the outstanding common shares Paid the cash dividend 22 Prepare the required journal entries for the above transactions. 23