The following data were taken from the balance sheet accounts of Symbol Two Corporation on June 30, 2014 Current assets $125,000 Investments 365,000 Common stock (par value $1) 70,000 Paid in capital in excess of par 680,000 Retained earnings 963,000 Instructions Prepare the required journal entrie...

a No entry company uses a memorandum note to indicate that ...

The following data were taken from the balance sheet accounts of Symbol Two Corporation on June 30,

Question:

The following data were taken from the accounts of Symbol Two on June 30, 2014.
Current assets ............ $125,000
Investments ............ 365,000
Common stock $1) ..... 70,000
Paid-in capital in excess of par .... 680,000
Retained earnings ......... 963,000

Instructions
Prepare the required journal entries for the following unrelated items.
(a) The of the capital stock is reduced to $0.50 with a 2-for-1 stock split.
(b) A 10% stock is declared and distributed at a time when the market value of the shares is $25 per share.
(c) A property is declared September 12, 2014, and paid October 1, 2014, in common shares in another company held as an equity investment. The equity investment has a book value of $50,000 and a fair market value of $205,000.

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