Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For some reason or another, I am not receiving full credit for this answer. I'm not really sure, but I believe it has something to

For some reason or another, I am not receiving full credit for this answer. I'm not really sure, but I believe it has something to do with part d). If you look at the image I posted, I cannot put "Additional Paid In Capital" right under Common Stock in the box, it doesn't let me. Perhaps this has something to do with it? Is there anywhere else I can put it?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
value: 1.00m Problem 11249 [L0 113] Company 2 has 2 million shares of common stock authonzed with a par value of $1 and a market price of $50. There are 1 million outstanding shares and 0.25 million shares held in treasury stock. a. Prepare the journal entry rfthe company declares and distnhutes a 10% stock dnridend, [If no entry is required for a transactionrevent, select \"No Journal Entry Required" in the rst amount eld. Enter your answers in dollars and not in millions.) I View transactionist ll viewgeneraljournal Journal Entryr Worksheet Record the declaration and distribution of the 10% stock dividend. { b 1 Retained Earnings 5,000,000 Common Stock 100,000' Additional Paid~in Capital 4,900,000 *Enter digits Kafore credts 9 You did not receive full credit form's question in 6 previous attempt b. Show the effect of the 10% stock deend on assets, liabilities, and stockholders' equity. [Enter all amounls as positive values. Enter your answers in dollars and not in millions.) D'Mdends Payable 5000000 Retained Earnings (5,000,000) DMdends Payable 7500000000 Common Stock 100,000 Additional Paid-in Capital 4,900,000 1:. Prepare the journal entryr if the company declares and distnhutes a 100% stock dividend. {If no entry is required for a transactionievent. select "Ho Journal Entry Required" in the rst aooount eld. Enter your answers in dollars and not in millions} m- mum. Journal Entry Worksheet Record the declaration and distribution of the 100% stock dividend. Retained Earnings Common Stock 1,l}l},l}l)l} Additional Paid-in Capital I 49,090,0[10 *Enter debits before credits i: dow- d. Show the effect of the 100% stock deend on aSEets, liabllltles, and stockholders' equity. [Enler all amounls as positive values. Enter your answers in dollars and nol in millions] Dividends Payable 50000000 Retained Earnings (50,000,000) Dividend: Payable 75000000000 Common Stock 1,000,000 Additional Paldin Capital 49,000,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Anthony A Atkinson, Robert S Kaplan

5th Edition

136005314, 978-0136005315

More Books

Students also viewed these Accounting questions