Question
On May 31, 2022,BlossomLandscaping's common shares were trading for $15, and the company had the following shareholder's equity accounts: Common Shares (no par value, unlimited
On May 31, 2022,BlossomLandscaping's common shares were trading for $15, and the company had the following shareholder's equity accounts:
Common Shares (no par value, unlimited authorized,
1,060,000issued, and outstanding)
$3,180,000Contributed Surplus-Common Shares1,290,000Retained earnings21,270,000
Prepare the journal entries for the following independent transactions.(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 0 for the amounts. Record journal entries in the order presented in the problem.)
(a)A stock dividend of 20% is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15on June 1, 2022. (Use Dividends.)
(b)A stock dividend of 100% is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15. The common shares were trading for $15on June 1, 2022. (Use Dividends.)
(c)A 2-for-1 stock split is declared on June 1, 2022 at their fair value and issued on June 30 to the shareholders of record on June 15.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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