Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answer with journal entery On December 31, 20x1, the Stockholders' Equity section of Mercedes Corporation was as follows: On March 1, 20X2, the board of
answer with journal entery
On December 31, 20x1, the Stockholders' Equity section of Mercedes Corporation was as follows: On March 1, 20X2, the board of directors declared a 10% stock dividend and accordingly issued 900 additional shares. The stock's fair value at that time was $8 per share. For the three months ended March 31, 20X2, Mercedes sustained a net los5 of $16,000. Required: 1a. Prepare the journal entry for the stock dividend. 1b. What amount should the company report as retained earnings on its quarterly financial statement dated March 31,202 ? Journal entry worksheet Record the entry for stock dividend. Note: Enter debits before credits. What amount should the company reoort as retained earnings on its quarterly financial statement dated March 31,202 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