Okay, I have questions about how to go about these below, our last quiz was all about fair value, bonds, and investments, but they didn't have us prepare any journal entries for them, so I guess I'm a little confused as to which sections would be debits vs credits. I believe, if I am thinking correctly that the initial investment or stock issued would be a debit, and then a cash to credit, but I feel like I am missing something. Also, with split stock, is it always 1/2... Or can it be split into another number?

I have two questions here below:

3.Anderson Corporation reports the followingStockholders' Equityon its Balance Sheet as of December 31, 2012:

Stockholders' Equity

Preferred 5% Stock, $50 par (100,000 shares authorized,

25,000 shares issued) . . . . . . . . . . . . . . . . . .. . . . . $1,250,000

Paid-In Capital in Excess of Par - Preferred Stock . . . . ..250,000$1,500,000

Common Stock, $1 par (1,000,000 shares authorized,

150,000 shares issued). . . . . . . . . . . . . .. . . . . . . . 150,000

Paid-In Capital in Excess of Par - Common Stock . . . . ..100,000250,000$1,750,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2,550,000

Total Stockholders' Equity . . . . . . . . . . . . . . . . . .. . . .. $4,300,000

The Board of Directors for Anderson Corporation declared a 3-for-1 common stock split. Below you are to correctly rewrite the Stockholders' Equity portion of Anderson Corporation's Balance Sheet after the stock split.

Stockholders' Equity

2.Daniels Corporation reports thefollowing transactions for 2012:

Jan. 10Sold 5,000 shares of 9% non-cumulative $50 par, preferred stock for $85 per share.

Feb. 19Sold 3,000 shares of $10 par common stock for $12 per share.

Oct. 12Declared a 15% stock dividend on the common stock.The current market price of the common stock is $15 per share.Daniels "Corporation has 100,000 shares of common stock outstanding on October 12.

Nov.15Distributed the stock dividend declared on October 12.

Dec. 15Declared the annual dividend required on the preferred stock and a $.50 per share dividend on the common stock.Daniels Corporation currently has 20,000 shares of preferred stock outstanding.

Prepare journal entries for the above transactions.Use the explanation portion of each journal entry to show your work.

Date Accounts Debit Credit