Question
Accounting for Share Transactions The shareholders equity section of the consolidated balance sheet of CompX International appeared as follows at the beginning of the year:
Accounting for Share Transactions The shareholders equity section of the consolidated balance sheet of CompX International appeared as follows at the beginning of the year:
Shareholders Equity | |
Class A common stock, $0.01 par value; 20,000,000 shares authorized; | |
6,100,000 shares issued | $61,000 |
Additional paid-in-capital | 118,127,000 |
Retained earnings | 14,270,000 |
Currency translation adjustment | (2,412,000) |
Total equity | $130,046,000 |
The following events occurred sequentially during the year:
A 2-for-1 forward stock split was executed.
A ten percent stock dividend was distributed when the CompX share price was $20 per share.
Treasury stock valued at $3,000,000 was repurchased when the CompX share price was $15 per share.
Prepare a spreadsheet to illustrate the financial effects associated with the above three share transactions. Round answers to nearest whole number.
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