Senior Life Co. is an HMO for businesses in the Portland area. The following account...
50.1K
Verified Solution
Question
Accounting
Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Senior Life Co. Common stock (390,000 shares authorized; 6,000 shares issued), $125 par, $750,000; Paid-In Capital in excess of par-common stock, $78,000; and Retained earnings, $6,000,000. The board of directors dedared a 1% stock dividend when the market price of the stock was $174 a share. Senior Life Co. reported no income or loss for the current year. If an amount box does not require an entry, leave it blank. If no entry is required, selectNo entry required" from the dropdown. al. Journalize the entry to record the dedaration of the dividend, capitalizing an amount equal to market value. Stock Dividends 10,440 Stock Dividends Distributable 7,500 Paid In Capital in Excess of Par Common Stock3,120 a2. Journalize the entry to record the issuance of the stock certificates. ) Stock Dividends 7,500 Common Stock 7,500 b. Determine the following amounts before the stock dividend was dedared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capital Total retained earnings Total stockholders' equity c. Determine the following amounts after the stock dividend was dedlared and closing entries were recorded at the end of the year: (2) total. 828,000 6,000,000 6,828,000


Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.