Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The stockholders' equity accounts of Skysong Company have the following balances on December 31, 2020. Common stock, $10 par, 328,000 shares issued and outstanding Paid-in
The stockholders' equity accounts of Skysong Company have the following balances on December 31, 2020. Common stock, $10 par, 328,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $3,280,000 1,200,000 5,720,000 Shares of Skysong Company stock are currently selling on the Midwest Stock Exchange at $36. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) A stock dividend of 5% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation Debit Credit (a) (1) (a) (2) (b) (1) (b) (2) (c) (1) (c) (2) List of Accounts Assistance Used Bonds Payable Buildings Cash Common Stock Common Stock Dividend Distributable Debt Investments Dividends Payable Discount on Bonds Payable Equipment Equity Investments Income Summary Land Legal Fees Expense No Entry Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Paid-in Capital in Excess of Stated Value - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Paid-in Capital in Excess of Stated Value - Common Stock Preferred Stock Property Dividends Payable Retained Earnings Retained Earnings Appropriated for Plant Expansion Share Capital-Ordinary Share Capital-Preference Share Premium-Conversion Equity Share Premium-Ordinary Share Premium-Preference Treasury Stock Unamortized Bond Issue Costs Unrealized Holding Gain or Loss -Income
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