Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following data were taken from the balance she

The following data were taken from the balance sheet accounts of Shamrock Corporation on December...

80.2K

Verified Solution

Question

Accounting

imageimage

The following data were taken from the balance sheet accounts of Shamrock Corporation on December 31, 2019. Current assets $520,000 Debt investments (trading) 567.000 Common stock (per value $10) 507.000 Paid-in capital in excess of par 135.000 Retained earnings 797,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (a) A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $45. (b) The par value of the common stock is reduced to $2 with a 5-for-1 stock split (c) A dividend is declared January 5, 2020. and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $99.000 and a fair value of $126,000. No. Date Account Titles and Explanation Debit (a) (1) (a) (2) (b) (c) (To record change in value of bonds) (To record the declaration of dividends)

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students