List of Accounts

Sealand Company has 80,000 common shares outstanding. Because it wants to retain its cash for other purposes, the company decided to issue stock dividends to its shareholders. The market price of each Sealand Company share was $20. Prepare the journal entries if the company decides to declare and issue a 9% stock dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Account and explanation When declared: Debit Credit When issued: Prepare the journal entry it instead of declaring the stock dividend the company decides to split its shares two-for-one. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account and explanation Debit Credit Accumulated Other Comprehensive Income Cash Common Shares Dividends Declared Dividends Declared - Common Shares Dividends Declared - Preferred Shares Dividends Payable Equipment Income Summary Land No Entry Operating Expenses Preferred Shares Retained Earnings Sales Revenue Stock Dividends Declared Stack Dividende