Homework Answers
| June 1, 2010 | Retained earnings (150000*10%*$30) | 450000 | |
| Stock dividends distributable | 450000 | ||
| Stock dividends distributable | 450000 | ||
| Common stock (15000*$1) | 15000 | ||
| Additional paid in capital-Common stock | 435000 | ||
| Number of shares outstanding after the | |||
| stock dividend = 150000+150000*10% = | 165000 | shares | |
| June 1, 2011 | Retained earnings (165000*100%*$1) | 165000 | |
| Stock dividends distributable | 165000 | ||
| Stock dividends distributable | 165000 | ||
| Common stock | 165000 | ||
| Number of shares outstanding after the stock | |||
| dividend = 165000+165000 = | 330000 | ||
| June 1, 2012 | For a stock split no regular journal entry is required. Only a Memorandum | ||
| entry is made in the General Journal and the General Ledger, as below: | |||
| "On June 1, 2012, a 2-for-1 stock split was declared for the common stockholders. This will result in the number of issued and outstanding common shares to increase from 330,000 shares to 660,000 shares. Further, the par value per share will decrease from $1.00 to $0.50." | |||
| Number of shares outstanding after the stock | |||
| split = 330000*2/1 = | 660000 | ||
| RETAINED EARNINGS | |||
| 06/01/2010--Beginning Balance | |||
| 06/01/2010 -Stock dividend | 450000 | ||
| 06/01/2011--Stock dividend | 165000 | ||
| STOCK DIVIDENDS DISTRIBUTABLE | |||
| 450000 | 06/01/2010--Retained Earnings | ||
| 06/01/2010--Common stock | 15000 | ||
| 06/01/2010--APIC--Common stock | 435000 | ||
| 450000 | 450000 | ||
| 06/01/2011--Common stock | 165000 | 165000 | 06/01/2011--Retained Earnings |
| 165000 | 165000 | ||
| 0 | 06/01/2011--Ending balance | ||
| COMMON STOCK | |||
| 0 | 150000 | Beginning balance | |
| 0 | 15000 | 06/01/2010--Stock dividend | |
| 0 | 165000 | ||
| 165000 | 06/01/2011--Beginning balance | ||
| 165000 | 06/01/2011--Stock dividend | ||
| 0 | 330000 | ||
| 330000 | 06/01/2011--Ending balance | ||
| 06-01-2012--"On June 1, 2012, a 2-for-1 stock split was declared for the common stockholders. This will result in the number of issued and outstanding common shares to increase from 330,000 shares to 660,000 shares. Further, the par value per share will decrease from $1.00 to $0.50." | |||
| APIC-COMMON STOCK | |||
| 0 | 435000 | 06/01/2010--Stock dividends distributable | |
| 435000 | 435000 | ||
| 435000 | 06/01/2011--Ending balance | ||
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