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Please help! Any help would be greatly appreciated! On January 1, 2017, Ayayai Corp. had $1,430,000 of common stock outstanding that was issued at par
Please help! Any help would be greatly appreciated!
On January 1, 2017, Ayayai Corp. had $1,430,000 of common stock outstanding that was issued at par and retained earnings of $756,000. The company issued 22,000 shares of common stock at par on July 1 and earned net income of $416,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2017, for the following two independent assumptions. (Credit account titles are automatically indented when 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.) (a) Par value is $10 and market price is $14 (b) Par value is $5 and market price is $9 No. Account Titles and Explanation Debit Credit (a) Retained Earnings 369600 Common Stock 264000 Paid-in Capital in Excess of Stated Value-Commor 105600 (b) Retained Earnings 443520 Common Stock 246400 Paid-in Capital in Excess of Par Value-Common St 197120Step by Step Solution
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