assume each of the transactions listed below is independent of the others unless oth 610397

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This exercise will allow you to practice recording various types of dividends.

A corporation has the following stockholder equity items at December 31, 2013: Don't use plagiarized sources. Get Your Custom Essay on assume each of the transactions listed below is independent of the others unless oth 610397 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay
Common stock, $10 par, 200,000 shares authorized, 80,000 shares issued	$800,000
Paid-in capital in excess of par value	2,400,000
Retained earnings	28.500.000
Total paid-in capital and retained earnings	31,700,000
Less: Treasury stock, 2,000 shares at cost	24.000
Total stockholders” equity	$31,676,000

Instructions

Assume each of the transactions listed below is independent of the others unless otherwise indicated. Dividends are distributed only on outstanding shares of stock. Record the following transactions at the beginning of 2014:

Declared a cash dividend of $.50 per share.
Paid the dividend declared in 1 above.
Declared a 5% stock dividend when the market value was $14 per share.
Distributed the shares for the stock dividend described in 3 above.
Declared a 2:1 stock split.

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