Instructions Murphy's common shares is selling for $22 per share on December 31, 2022 Required: 1. Determine how much Murphy Products would have reported for total assets and retained earnings on December 31, 2022, if the firm had declared and paid a $26,000 cash dividend on December 31, 2022. Prepare the journal entry for this cash dividend. 2. Determine how much Murphy would have reported for total assets and retained earnings on December 31, 2022, if the firm had issued a 14% stock dividend on December 31, 2022. Prepare the journal entry for this stock dividend. 3. Conceptual Connection: How much would Murphy have reported for total assets and retained earnings on December 31, 2022, if the firm had effected a 3-for-1 stock split on December 31, 2022? Is a journal entry needed to record the stock split? Instructions Chart Of Accounts First Questions 1a. Determine how much Murphy Products would have reported for total assets and retained earnings on December 31, 2022, if the firm had declared and paid a $26,000 cash dividend on December 31, 2022 Total assets $ Retained earnings $ 2a. Determine how much Murphy would have reported for total assets and retained earnings on December 31, 2022, if the firm had issued a 14% stock dividend on December 31, 2022 $ Total assets Retained earnings $ ENG 33 24 ent/take AssignmentMain.do?inprogress=true * No Fear Shakespear...Maps First Questions General Journal YouTube M Gmail https://connect.mh. Untitled document 1b. Prepare the journal entry for this cash dividend on December 31 GENERAL JOURNAL BALANCE SHEET INCOME STATEMEN DATE ACCOUNT POST. REF. DEBIT 2 2b. Prepare the journal entry for this stock dividend on December 31. Stock Dividends and Stock Splits Instructions Chart Of Accounts First Questions A General Journal Final Question 3. Conceptual Connection: How much would Murphy have reported for total assets and retained earnings on Decembe 2022, if the firm had effected a 3-for-1 stock split on December 31, 2022? Total assets $ Retained earnings $ Is a journal entry needed to record the stock split? O No Yes Instructions Chart Of Accounts CHART OF ACCOUNTS Murphy Products Ltd.'s General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue 112 Petty Cash 121 Accounts Receivable 123 Allowance for Doubtful Accounts 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 128 Inventory First Questions Instructions Chart Of Accounts 126 Prepaid Insurance 127 Prepaid Rent 511 Cost of Goods Sold 128 Inventory 129 Interest Receivable 130 Investment 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Insurance Expense 516 Service Charge Expense 517 Bad Debt Expense 518 Rent Expense 131 Land 132 Buildings 133 Equipment 134 Furniture 521 Wages Expense 531 Interest Expense 135 Trucks 139 Accumulated Depreciation 541 Depreciation Expense 551 Income Taxes Expense 141 Leased Assets 552 Legal Expense LIABILITIES Instructions Chart Of Accounts LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Unearned Rent Revenue 241 Bonds Payable 251 Notes Payable Instructions Murphy's common shares is selling for $22 per share on December 31, 2022 Required: 1. Determine how much Murphy Products would have reported for total assets and retained earnings on December 31, 2022, if the firm had declared and paid a $26,000 cash dividend on December 31, 2022. Prepare the journal entry for this cash dividend. 2. Determine how much Murphy would have reported for total assets and retained earnings on December 31, 2022, if the firm had issued a 14% stock dividend on December 31, 2022. Prepare the journal entry for this stock dividend. 3. Conceptual Connection: How much would Murphy have reported for total assets and retained earnings on December 31, 2022, if the firm had effected a 3-for-1 stock split on December 31, 2022? Is a journal entry needed to record the stock split? Instructions Chart Of Accounts First Questions 1a. Determine how much Murphy Products would have reported for total assets and retained earnings on December 31, 2022, if the firm had declared and paid a $26,000 cash dividend on December 31, 2022 Total assets $ Retained earnings $ 2a. Determine how much Murphy would have reported for total assets and retained earnings on December 31, 2022, if the firm had issued a 14% stock dividend on December 31, 2022 $ Total assets Retained earnings $ ENG 33 24 ent/take AssignmentMain.do?inprogress=true * No Fear Shakespear...Maps First Questions General Journal YouTube M Gmail https://connect.mh. Untitled document 1b. Prepare the journal entry for this cash dividend on December 31 GENERAL JOURNAL BALANCE SHEET INCOME STATEMEN DATE ACCOUNT POST. REF. DEBIT 2 2b. Prepare the journal entry for this stock dividend on December 31. Stock Dividends and Stock Splits Instructions Chart Of Accounts First Questions A General Journal Final Question 3. Conceptual Connection: How much would Murphy have reported for total assets and retained earnings on Decembe 2022, if the firm had effected a 3-for-1 stock split on December 31, 2022? Total assets $ Retained earnings $ Is a journal entry needed to record the stock split? O No Yes Instructions Chart Of Accounts CHART OF ACCOUNTS Murphy Products Ltd.'s General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue 112 Petty Cash 121 Accounts Receivable 123 Allowance for Doubtful Accounts 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 128 Inventory First Questions Instructions Chart Of Accounts 126 Prepaid Insurance 127 Prepaid Rent 511 Cost of Goods Sold 128 Inventory 129 Interest Receivable 130 Investment 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Insurance Expense 516 Service Charge Expense 517 Bad Debt Expense 518 Rent Expense 131 Land 132 Buildings 133 Equipment 134 Furniture 521 Wages Expense 531 Interest Expense 135 Trucks 139 Accumulated Depreciation 541 Depreciation Expense 551 Income Taxes Expense 141 Leased Assets 552 Legal Expense LIABILITIES Instructions Chart Of Accounts LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Wages Payable 215 Rent Payable 221 Interest Payable 223 Income Taxes Payable 231 Dividends Payable 232 Unearned Sales Revenue 233 Unearned Rent Revenue 241 Bonds Payable 251 Notes Payable