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The following condensed balance sheet information has been prepared by the controller of N2N2 Company Balance Sheet December 31, 2016 Assets Current assets $ 40,000

The following condensed balance sheet information has been prepared by the controller of

N2N2 Company

Balance Sheet

December 31, 2016

Assets

Current assets

$ 40,000

Investments in equity securities (10,000 shares)

60,000

Equipment, net

250,000

Intangibles

60,000

Total Assets

410,000

Liabilities and Equity

Current liabilities

75,000

Non-current liabilities

25,000

Common stock ($5 par)

20,000

Paid in capital in excess of par

110,000

Retained earnings

180,000

Total Liabilities and Equity

410,000

Using the attached T-account template, prepare the entries to recognize the following transactions.

Declares and pays a $ 0.50 per share cash dividend

Declares and issues a 10% stock dividend when the market price of the stock is $14 per share

Declares and issues a 30% stock dividend when the market price of the stock is $15 per share

Declares and issues a property dividend as follows. N2N2 gives one share of its investment in equity securities for every 2 shares that a N2N2 investor holds of N2N2 common stock. The equity investment shares are selling for $10 per share, in an active market, on the date the property dividend is declared by the board of directors.

Declares a 2 for 1 stock split and issues new shares to the stockholders

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