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HiTech Manufacturing Company has $1,000,000$ shares of $$1$ par value common stock outstanding on January $1.$ The following equity transactions occurred during the current year: HiTech Manufacturing Company has $1,000,000$ shares of $$1$ par value common stock outstanding on January $1.$ The following equity

transactions occurred during the current year:

April $30$: Distributed additional shares of common stock in a $2-$for$-1$ stock split. Market price of stock was $$35$ per share.

June $1$: Declared a cash dividend of $$0\mathrm{.}60$ per share.

July $1$: Paid the $$0\mathrm{.}60$ cash dividend to stockholders.

August $1$: Declared a $5$ percent stock dividend. Market price of stock was $$19$ per share.

September $10$: Issued shares resulting from the $5$ percent stock dividend declared on August $1.$

Required:

a$.$ Prepare journal entries to record the above transactions.

b$.$ Compute the number of shares of common stock outstanding at year$-$end.

c$.$ What is the par value per share of HiTech Manufacturing common stock at the end of the year?

d$.$ Determine the effect of each of the following on total stockholders' equity: stock split, declaration and payment of a cash dividend,

declaration and distribution of a stock dividend.

April $30$: Distributed additional shares of common stock in a $2-$for$-1$ stock split. Market price of stock was $$35$ per share.

June $1$: Declared a cash dividend of $$0\mathrm{.}60$ per share.

July $1$: Paid the $$0\mathrm{.}60$ cash dividend to stockholders.

August $1$: Declared a $5$ percent stock dividend. Market price of stock was $$19$ per share.

September $10$: Issued shares resulting from the $5$ percent stock dividend declared on August $1.$

Required:

Prepare journal entries to record the above transactions.

Compute the number of shares of common stock outstanding at year$-$end.

What is the par value per share of HiTech Manufacturing common stock at the end of the year?

Determine the effect of each of the following on total stockholders$$ equity: stock split, declaration and payment of a cash dividend, declaration and distribution of a stock dividend.

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