HiTech Manufacturing Company has $1,000,000$ shares of $$1$ par value common stock outstanding on January $1.$ The following equity transactions occurred during the current year:

$50$ points

$$

Hint

References

April $30$: Distributed additional shares of common stock in a $2-$for$-1$ stock split. Market price of stock was $$35$ per share.

June $1$: Declared a cash dividend of $$0\mathrm{.}60$ per share.

July $1$: Paid the $$0\mathrm{.}60$ cash dividend to stockholders.

August $1$: Declared a $5$ percent stock dividend. Market price of stock was $$19$ per share.

September $10$: Issued shares resulting from the $5$ percent stock dividend declared on August $1.$

Required:

a$.$ Prepare journal entries to record the above transactions.

b$.$ Compute the number of shares of common stock outstanding at year$-$end.

c$.$ What is the par value per share of HiTech Manufacturing common stock at the end of the year?

d$.$ Determine the effect of each of the following on total stockholders' equity: stock split, declaration and payment of a cash dividend, declaration and distribution of a stock dividend.

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

Record the stock split.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Joumal,Debit,Credit$],[$April $30,,,],[,,,],[,,,],[,,,],[,,,]$