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Can I please have some assistance with this question, I am confusing myself. Thank you Entries for Stock Dividends Advanced Life Co. is an HMO
Can I please have some assistance with this question, I am confusing myself. Thank you
Entries for Stock Dividends Advanced Life Co. is an HMO for businesses in the Albuquerque area. The following account balances appear on the balance sheet of Advanced Life Co.: Common stock (330,000 shares authorized; 3,000 shares issued), $100 par, $300,000; Paid-in capital in excess of par- common stock, $60,000; and Retained earnings, $3,000,000. The board of directors declared a 1% stock dividend when the market price of the stock was $129 a share. Advanced Life Co. reported no income or loss for the current year. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. If an amount box does not require an entry, leave it blank.a2. Journalize the entry to record the issuance of the stock certificates. If an amount box does not require an entry, leave it blank.b. Determine the follovwng amounts before the stock dwidend was declared: (1) total paidein capitali (2) total retained earnings, and (3) total stockholders' equity' ) Total paidein capital 35:] Total retained earnings 35:] Total stockholders' equity $:] c. Determine the following amounts after the stock dwidend was declared and closing entries were recorded at the end of the year: (1) total paidin capitali (2) total retained earnings) and (3) total stockholders' eqUity. Total paidin capital $:] Total retained earnings 35:] Total stockholders' equity $:]Step by Step Solution
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