Question
Skysong Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 58,000 outstanding $ 580,000 Paid-in capital
Skysong Corporation's stockholders' equity section at December 31, 2019 appears below:
Stockholder's equity | ||||||||
Paid-in capital | ||||||||
Common stock, $10 par, 58,000 outstanding | $ 580,000 | |||||||
Paid-in capital in excess of par | 150,000 | |||||||
Total paid-in capital | $ 730,000 | |||||||
Retained earnings | 155,000 | |||||||
Total stockholder's equity | $ 885,000 |
On June 30, 2020, the board of directors of Skysong Corporation declared a 20% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Skysong Corporation's stock on June 30, 2020, was $ 16. On December 1, 2020, the board of directors declared a 2 for 1 stock split effective December 15, 2020. Skysong Corporation's stock was selling for $20 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $ 186,000 and there were no cash dividends declared.
(a)
Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date 6/30/207/15/207/31/2012/1/2012/15/20 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date 6/30/207/15/207/31/2012/1/2012/15/20 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date 6/30/207/15/207/31/2012/1/2012/15/20 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date 6/30/207/15/207/31/2012/1/2012/15/20 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date 6/30/207/15/207/31/2012/1/2012/15/20 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Fill in the amount that would appear in the stockholders' equity section for Skysong Corporation at December 31, 2020, for the following items:
1. | Common stock | $ enter a dollar amount | |||
---|---|---|---|---|---|
2. | Number of shares outstanding | enter number of shares | |||
3. | Par value per share | $ enter a dollar amount | |||
4. | Paid-in capital in excess of par | $ enter a dollar amount | |||
5. | Retained earnings | $ enter a dollar amount | |||
6. | Total stockholders equity | $ enter a dollar amount |
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