Recording Stock Dividends and Stock Splits The records of Dixie Corporation showed the following balances on November 1, 2020. Common stock, $10 par, 12,000 shares outstanding $120,000 Paid-in capital in excess of par 40.800 Retained earnings 80,000 The fair value of its stock is $18 per share. Accounting for Stock Dividends Accounting for Stock Splits Dr. Prepare journal entries for the following three separate scenarios. a. The company declares (November 1, 2020) and issues (November 20, 2020) a 10% stock dividend. b, , b. The company declares (November 1, 2020) and issues (November 20, 2020) a 10% stock dividend. Of the 1,200 stock dividend shares, 1,120 shares are whole shares and 80 shares are fractional shares. It is the company's policy to pay out fractional shares in cash. c. The company declares (November 1, 2020) and issues (November 20, 2020) a stock split effected in the form of a 100% stock dividend. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Cr. a. Nov. 1. 2020 Retained Earnings 21,600 Common Stock X 9.600 x Common Stock Dividends Distributable X 12.000 x To record declaration of dividend. Nov. 20.2020 Common Stock Dividends Distributable 12.000 Common Stock 12.000 To record issuance of dividend, b. Nov. 1, 2020 Retained Earnings 21.600 Common Stock 8,960 x Cash 1,440 Common Stock Dividends Distributable 11,200 X To record declaration of dividend. . Nov. 20, 2020 Common Stock Dividends Distributable 11. 200 Common Stock 11,200 To record issuance of stock dividend. Nov. 20.2020 Retained Earnings 11.200 x Common Stock Dividends Distributable * * 0 120,000 x To record issuance of cash dividend. C. Nov. 1. 2020 Retained Earnings 120,000 Common Stock Dividends Distributable 120,000 To record declaration of dividend. Nov. 20.2020 Common Stock Dividends Distributable 120,000 Common Stock 120,000 To record issuance of stock dividend. X . X X 0 Accounting for Stock Dividends Accounting for Stock Splits For each of the following three separate scenarios (1) record the journal entry and (2) determine the total number of shares and the par value per share after the stock split. d. The company declares (November 1, 2020) and issues (November 20, 2020) a 2-for-1 stock split. e. The company declares (November 1, 2020) and issues (November 20, 2020) a 5-for-1 stock split. f. The company declares (November 1, 2020) and issues (November 20, 2020) a 3-for-1 reverse stock split. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Dr. Cr. d. Nov. 1. 2020 N/A N/A To record declaration of stock split. Nov. 20. 2020 N/A N/A To record issuance of stock split. Total number of shares after stock split Par value per share after stock split 5 X 5 24.000 x $ Account Name Dr. Cr. e. Nov. 1, 2020 NIA 0 0 N/A 0 0 To record declaration of stock split. Nov. 20, 2020 N/A N/A O To record issuance of stock split. Ox Total number of shares after stock split Par value per share after stock split $ OX Account Name Dr. Cr. f. Nov. 1, 2020 N/A N/A 0 To record declaration of stock split. Nov. 20, 2020 N/A 0 N/A 0 To record issuance of stock split. 30 X Total number of shares after stock split Par value per share after stock split $ 4.000 x