Question
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 258,000 shares issued $ 258,000
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 258,000 shares issued $ 258,000
Paid-in capitalexcess of par, common 516,000
Paid-in capitalexcess of par, preferred 140,000
Preferred stock, $100 par, 14,000 shares outstanding 1,400,000
Retained earnings 2,800,000
Treasury stock, at cost, 5,800 shares 29,000
During 2021, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.8 per share, fair value $9.40 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 fair value of the stock was $4 on this date.
July 18: Declared and distributed a 3% stock dividend on outstanding common stock; fair 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.
I need help with the journal entries from April 10th to December 20th. Please explain in detail.
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