UCONN Group has the following items in its equity section of the balance sheet: Common...
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Accounting
UCONN Group has the following items in its equity section of the balance sheet:
Common Stock 5,000,000 shares authorized, 1,200,000 issued $6,000,000
Capital Surplus $3,600,000
Treasury Stock on Common 100,000 shares $1,320,000
Cumulative Preferred Stock 17,000,000 authorized {8%} $2 par $12,000,000
Treasury Stock on Preferred Stock 250,000 shares $5,000,000
Retained Earnings $30,180,000
Answer following three questions:
- If UCONN Group were to provide for a 10% common stock dividend, then how many new shares are to be mailed to existing common stock shareholders?
- Assume in question [1] the market price of the common stock was $26 at the time of the stock dividend announcement. What is the journal entry to record the stock dividend?
- What is total dollar amount of equity per the items listed on the current balance listed on the top of this page?
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