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I was wondering if my computations are correct...? On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts. During
I was wondering if my computations are correct...?
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts. During 2016, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.0 per share, market value $9.50 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. July 18 Declared and distributed a 3% stock dividend on outstanding common stock: market value per share. $5. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Record the above transactions and events in journal entry format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Step by Step Solution
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