Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jungle Corporation's stockholders' equity section at December 31, 2017 appears below Stockholders equity Paid-in capital Common stock, $10 par, 60,000 outstanding Paid-in capital in excess
Jungle Corporation's stockholders' equity section at December 31, 2017 appears below Stockholders equity Paid-in capital Common stock, $10 par, 60,000 outstanding Paid-in capital in excess of par s6o0,0oo Total paid-in capital $750,000 Retained earnings Total stockholders' equity $900.000 On June 3o, 2018, the board of directors of Kenner Corporation payable on July 31, 2018, to stockholders of record on July 15. 2018. The fair value of Kenner Corporation's stock on June 30, 2018, was $15 declared a 15% stock dividend. On December 1, 2018, the board of directors declared a 2 for i stock split effective December 15 2018. Jungle Corporation's stock was selling for $20 on December 1, 2018, before the stock split was declared. Par value of the stock was adjusted. Net income for 2018 was $190,00o and there were no cash dividends declared. Instructions (a) Prepare the journal entries for June 30; July 15; July 31; Dec 1; and Dec 15. (b) Fill in the amount that would appear in the stockholders' equity section for Jungle Corporation at December 31, 2018, for the following items: 1. Common stock Number of shares outstanding 2. Par value per share 3. Paid-in capital in excess of par 4. 5. Retained earnings 6. Total stockholders' equity 7. Book Value Per Share
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started