You must use 47 to solve 48

Question 44 (2 points) Finish Cement Inc. is a publicly-traded company with 800,000 authorized common shares. The company has 100,000 common shares outstanding. On June 15, 2018, when the fair value of the shares was $4, the company declared and issued a 2-for-1 stock split. What is the journal entry that should be made by the company on June 15, 2018? Cash. 3,200,000 Common Shares.. 3,200,000 o 800,000 Stock Split.......... Common Shares. 800,000 No journal entry is necessary. 400,000 Cash.. Common Shares......... 400,000 Question 47 (2 points) Saved Use the following information to answer question 47 and 48 On January 1, 2018, Tarow Corporation had 80,000 common shares, recorded at $600,000, and retained earnings of $1,000,000. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $26 on September 20. Nov. Issued 3,000 common shares at $25 per share. Nov. 15 Declared and issued a 2-for-1 stock split Dec. 20 Declared a cash dividend of $0.30 per share to common shareholders of record on December 31, payable on January 10. Dec. 31 The net income for the year of 2018 is $20,000 The amount of total dividends declared on common shares on August 21, 2018 is: Question 48 (2 points) The balance of retained earnings as at December 31, 2018 after the end-of-year closing is: $849,900 $1,000,000 $829,900 $877,575