Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 230,000 shares of no-par common stock (with a stated value of $2) at $8, and on June 30, it issued for cash 20,000 shares of preferred stock, $60 par at $63. a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15 Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock 000 000 June 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock. . What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $25 par common stock at $85, and on February 27, it issued for cash 120,000 shares of preferred stock, $5 par at $9. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock V 100 000 0OO OOO Feb. 27 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life's balance sheet: Common stock (340,000 shares authorized ; 6,000 shares issued), $25 par, $150,000; Paid-In Capital in excess of par-common stock, $30,000; and Retained earnings, $1,650,000. The board of directors declared a 2% stock dividend when the market price of the stock was $34 a share. Healthy Life reported no income or loss for the current year. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. Stock Dividends Stock Dividends Distributable - Paid-In Capital in Excess of Par-Common Stock Feedback a2. Journalize the entry to record the issuance of the stock certificates. Stock Dividends Distributable V Common Stock - 28 b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capita Total retained earnings Total stockholders' equity c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capita Total retained earnings Total stockholders' equity Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $44,600 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Cash Dividends Cash Dividends Payable Aug. 31 No Entry Required 10 00 00 10 00 00 No Entry Required Oct. 1 Cash Dividends Payable Cash Feedback Check My Work When the dividend is declared is it also paid? Who receives the dividend? What will the company be paying to the stockholders?Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 8. Split the common stock 2 for 1 and reduced the par from $28 to $14 per share. After the split, there were 90,000 common shares outstanding. Jan. 8 No Entry Required No Entry Required Feedback Apr. 30. Declared semiannual dividends of $1.10 per share on 6,000 shares of preferred stock and $0.07 per share on the common stock payable on July 1. Apr. 30 Cash Dividends - V Cash Dividends Payable Feedback July 1. Paid the cash dividends. July 1 Cash Dividends Payable Cash Oct. 31. Declared semiannual dividends of $1.10 per share on the preferred stock and $0.05 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $25. Oct. 31 Cash Dividends Cash Dividends Payable 100 00 Oct. 31 Stock Dividends Stock Dividends Distributable V Paid-In Capital in Excess of Par-Common Stock Feedback Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash - 00 00 Dec. 31 Stock Dividends Distributable Common Stock Effect of Stock Split Willey's Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Willey's Grill & Restaurant, which had 72,000 shares of common stock outstanding, declared a 3-for-1 stock split a. What will be the number of shares outstanding after the split? shares b. If the common stock had a market price of $84 per share before the stock split, what would be an approximate market price per share after the split? per shareTreasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 17,700 shares of its common stock at $41 per share. On June 9, 11,200 of the reacquired shares were sold at $43 per share, and on November 13, 4,200 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock Cash June 9 Cash - V Treasury Stock 000 000 00 100 000 00 Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Feedback . What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Debit d. How will the balance in Treasury Stock be reported on the balance sheet? As a deduction from stockholders' equity Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,900 shares of its common stock at $78 per share. On September 22, Mystic Lake sold 4,800 of the reacquired shares at $87 per share. The remaining 2,100 shares were sold at $75 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Treasury Stock - Cash V Sept. 22 Cash - Treasury Stock - 100 000 00 000 000 00 Paid-In Capital from Sale of Treasury Stock Nov. 23 Cash - V Paid-In Capital from Sale of Treasury Stock Treasury Stock - V Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. For what reasons might Mystic Lake Inc. have purchased the treasury stock? All of these reasons