Entries for Stock Dividends Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Senior Life Co.: Common stock (290,000 shares authorized; 3,000 shares issued), $125 par, $375,000; Paid-In Capital in excess of par- common stock, $75,000; and Retained earnings, $4,500,000. The board of directors declared a 1% stock dividend when the market price of the stock was $159 a share. Senior Life Co. reported no income or loss for the current year. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown. al. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. a 2. Journalize the entry to record the issuance of the stock certificates. 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 capital 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 capital Total retained earnings Total stockholders' equity Instructions Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20. Required: A. Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles Final Questions 8. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Debit c. What is the balance in Treasury Stock on December 31 of the current year? Credit D. How will the balance in Treasury Stock be reported on the balance sheet? As a deduction from stockholder's equity As an addition to stockholder's equity Treasury Stock is not reported on the balance sheet As an asset EPS Junkyard Arts, Inc., had earnings of $300,800 for the year. The company had 26,000 shares of common stock outstanding during the year and issued 1,600 shares of $50 par value preferred stock. The preferred stock has a dividend of $6 per share. There were no transactions in either common or preferred stock during the year. Determine the basic earnings per share for Junkyard Arts for the year. Round answer to two decimal places. $ per share
