Question
The Sweet Sleep Corp. equity on January 1 was as follows: common shares, unlimited shares authorized, 150,000 shares issued and outstanding; retained earnings, $600,000. Prepare
The Sweet Sleep Corp. equity on January 1 was as follows: common shares, unlimited shares authorized, 150,000 shares issued and outstanding; retained earnings, $600,000.
Prepare journal entries to record the following transactions:
(1) Feb 15 The board of directors declared a 10% share dividend to shareholders of record on March 1, to be issued on March 20. The shares were selling for $8 a share.
(2) Mar 20 Issued the share dividend.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
