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journal entries on the appropriate dates


journal entries on the appropriate dates Jungle Corporation’s stockholders’ equity section at December 31, 2012 appears below: Stockholders’ equity Paid-in capital Common stock, $10 par, 60,000 outstanding $600,000 Paid-in capital in excess of par 150,000 Total paid-in capital $750,000 Retained earnings 150,000 Total stockholders’ equity $900,000 On June 30, 2013, the board of directors of Kenner Corporation declared a 20% stock dividend, payable on July 31, 2013, to stockholders of record on July 15, 2013. The fair value of Kenner Corporation’s stock on June 30, 2013, was $15. On December 1, 2013, the board of directors declared a 2 for 1 stock split effective December 15, 2013. Jungle Corporation’s stock was selling for $20 on December 1, 2013, before the stock split was declared. Par value of the stock was adjusted. Net income for 2013 was $190,000 and there were no cash dividends declared. Instructions (a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. (b) Fill in the amount that would appear in the stockholders’ equity section for Jungle Corporation at December 31, 2013, for the following items: 1. Common stock $____________ 2. Number of shares outstanding _____________ 3. Par value per share $____________ 4. Paid-in capital in excess of par $____________ 5. Retained earnings $____________ 6. Total stockholders’ equity $____________ Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help


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