Question
The Kroger Co. is one of the largest retailers in the United States and also manufactures and processes some of the food for sale in
The Kroger Co. is one of the largest retailers in the United States and also manufactures and processes some of the food for sale in its supermarkets. Kroger reported the following January 31 balances in its statement of stockholders equity (dollars in millions):
Current Year | Prior Year | |||||||
Common stock | $ | 966 | $ | 936 | ||||
Paid-in capital | 3,456 | 3,121 | ||||||
Retained earnings | 7,419 | 6,360 | ||||||
During the current year, Kroger reported net income of $1,230. Assume that the only other transaction that affected stockholders equity during the current year was a single stock issuance. Prepare the journal entry reflecting the stock issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started