On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on its 24.000, $15 pan common shares. The market price of the common stock is $44 on this date. Required: 1.2. & 3. Record the necessary Journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2- for-1 stock split. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Check my work common shares. The market price of the common stock is $44 on this date. Required: 1.2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2- for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) ped View transaction list ences Journal entry worksheet 2 3 Record the stock dividend assuming a 2-for-1 stock split Note: Enter debits before credits Goneral Journal Debit Date September 01 Credit Check my work 3 points Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 55,000 additional shares of $1 par value common stock for $52 per share. May 10 Purchases 5,000 shares of treasury stock for $55 per share. June 1 Declares a cash dividend of $1.50 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,500 shares of treasury stock purchased on May 10 for $60 per share. Spoed Hint References Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock. $100,000; Additional Paid in Capital, $4,500,000; and Retained Earnings, $2,000,000. Net income for the year ended December 31, 2021, is $600,000 Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity Check my work Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 45,000 additional shares of $1 par value common stock for $43 per share. May 18 Purchases 4,100 shares of treasury stock for $46 per share. June 1 Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,850 shares of treasury stock purchased on May 10 for $51 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock. $100,000; Additional Paid-in Capital, $3,600.000; and Retained Earnings. $1,100,000. Net income for the year ended December 31, 2021, is $510,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Additional Retained Common Stock Pald-in Capital Earnings Treasury Stock $ 100,000 $ 3,600,000 $ 1,100,000 $ 0 Total Stockholders Equity $ 4.800,000 Balance, January 1 Issue common stock Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 3 (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Additional Common Stock Retained Paid-in Capital Earnings Treasury Stock $ 100,000 $ 3,600,000 $ 1,100,000 $ 0 Tutal Stockholders Equity S 4.800,000 Balance, January 1 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31 $ 100,000 3,600,000 1,100,000 0 $ 4,800,000
