Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Additional Exercise 299 Jungle Corporation's stockholders' equity section at December 31, 2014 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 60,000 outstanding Paid-in
Additional Exercise 299 Jungle Corporation's stockholders' equity section at December 31, 2014 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 60,000 outstanding Paid-in capital in excess of par $600,000 150,000 $750,000 150,000 $900,000 Total paid-in capital Retained earnings Total stockholder's equity On June 30, 2015 the board of directors of Kenner Corporation declared a 15% stock dividend payable on July 31, 2015, to stockholders of record on July 15, 2015 The fair value of Kenner Corporation's stock on June 30, 2015, was $1!5 On December 1, 2015, the board of directors declared a 2 for 1 stock split effective December 15, 2015. Jungle Corporation's stock was selling for $20 on December 1, 2015, before the stock split was declared. Par value of the stock was adjusted. Net income for 2015 was $190,000 and there were no cash dividends declared Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 6/30/15 7/15/15 7/31/15 12/1/15 12/15/15 Fill in the amount that would appear in the stockholders' equity section for Jungle Corporation at December 31, 2015, for the following items: 1. Common stock 2. Number of shares outstanding 3. Par value per share 4 Paid-in capital in excess of pars 5. Retained earnings 6. Total stockholders' equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started