The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2016.
E15-15EXCEL(Dividend Entries) The following data
were taken from the balance sheet accounts of Masefield
Corporation on December 31, 2016.
Current assets$540,000
Debt
investments (trading)624,000
Common stock
(par value $10)500,000
Paid-in
capital in excess of par150,000
Retained
earnings840,000
Prepare the
required journal entries for the following unrelated items.
(a) A 5% stock
dividend is declared and distributed at a time when the market price per share is $39.
(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, 2017, and paid January 25, 2017, in bonds heldas an investment. The bonds have a book value of $100,000 and a
fair value of$135,000.
TUTORIAL PREVIEW
Retained Earnings (50,000 x 5.00 x $39.00)
|
97,500
| |
Common Stock Dividend Distributable
|
25,000
|
File name: E15-15
Masefield Corporation on December 31, 2016.xlsx File type: doc PRICE: $6
