The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2024.
Question:
The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2024.
Instructions
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, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a book value of $100,000 and a fair value of $135,000.
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Step by Step Answer:
b No entry memorandum note to indicate that par value is reduced to ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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