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The following data were taken from the Balance Sheel accounts of Apple Corporation on December 31, 2010: $2,200,000 2,040,000 Current Assets Investments, FV-NI Common Shares
The following data were taken from the Balance Sheel accounts of Apple Corporation on December 31, 2010: $2,200,000 2,040,000 Current Assets Investments, FV-NI Common Shares (no par value, no authorized Limit, 300,000 shares issued and Outstanding) Contributed Surplus Retained Earnings 9,000,000 660,000 1,820,000 Required: Prepare the required journal entries for the following unrelated Items: a) A 4% stock dividend is declared and distributed at a time when the shares market value is $42 per share. b) A 5-for-1 stock split is effected. c) A dividend In kind is declared on January 5, 2011, and pald on February 15, 2011, In bonds that were classified as FV-NI. The bonds have a carrying value of $100,000 (equal to cost) and a fair market value of $160,000
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