Eastline Corporation had 18,000 shares of $10 par value common stock outstanding when the board of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Eastline Corporation had 18,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 6,480 shares. At the time of the stock dividend, the market value per share was $18. The entry to record this dividend is: Debit Common Stock Dividend Distributable $116,640; credit Retained Earnings $116,640. Debit Retained Earnings $116,640; credit Common Stock Dividend Distributable $64,800; credit Paid-In Capital in Excess of Par Value, Common Stock $51,84o. Debit Retained Earnings $64,800; credit Common Stock Dividend Distributable $64,800. No entry is needed. Debit Retained Earnings $16,640; credit Common Stock Dividend Distributable $116,640. Eastline Corporation had 18,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 6,480 shares. At the time of the stock dividend, the market value per share was $18. The entry to record this dividend is: Debit Common Stock Dividend Distributable $116,640; credit Retained Earnings $116,640. Debit Retained Earnings $116,640; credit Common Stock Dividend Distributable $64,800; credit Paid-In Capital in Excess of Par Value, Common Stock $51,84o. Debit Retained Earnings $64,800; credit Common Stock Dividend Distributable $64,800. No entry is needed. Debit Retained Earnings $16,640; credit Common Stock Dividend Distributable $116,640.
Expert Answer:
Answer rating: 100% (QA)
Answer The correct option is C Debit Retained Earnings 64800 Credit common stock ... View the full answer
Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
Posted Date:
Students also viewed these accounting questions
-
The board of directors declared cash dividends totaling $152,000 during the current year. The comparative balance sheet indicates dividends payable of $42,000 at the beginning of the year and $38,000...
-
The board of directors declared cash dividends totaling $260,000 during the current year. The comparative balance sheet indicates dividends payable of $74,500 at the beginning of the year and $65,000...
-
The board of directors declared cash dividends totaling $80,000 during the current year. The comparative balance sheet indicates dividends payable of $25,000 at the beginning of the year and $20,000...
-
What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty?
-
When is a Capital Projects Fund used by a governmental entity? In what situations would a Capital Projects Fund not be used for reporting in accordance with generally accepted accounting principles...
-
Your company assembles five different models of a motor scooter that is sold in specialty stores in the United States. The company uses the same engine for all five models. You have been given the...
-
The Arcadia Company bid on a multiyear contract to construct the new hockey arena for the Phoenix Coyotes. The contract required that construction begin not later than January 1, 2015, and be...
-
Richard and Linda Thomson operate a local lawn maintenance service for commercial and residential property. They have been using a John Deere riding mower for the past several years and feel it is...
-
In your opinion, what diversity training would individuals, or the team, benefit from
-
Cary Company manufactures two models of industrial componentsa Standard model and an Advanced Model. It has provided the following information with respect to these two products: Standard Advanced...
-
Match the equation with its graph. 36 25 =1 x y y x a2 b2 =1 " The hyperbola is centered at with a (Type an ordered pair.) transverse axis and vertices at
-
1. You invest $2000 in an account that pays simple interest of 7% for 10 years. The amount of money you'll have at the end of 10 years is: 2. Use the compound interest formula to determine the...
-
Thompson's Hardware spent $46,370 this year on business insurance alone. If total sales were $765,500, what percent of total sales was spent on business insurance? Round to the nearest tenth.
-
The altitude of a triangle is increasing at a rate of 2 centimeters/minute while the area of the triangle is increasing at a rate of 2.5 square centimeters/minute. At what rate is the base of the...
-
Draw a finite automaton (NFA or DFA, at your choice) that accepts the regular (a Uba)*. expression: 4. (15 Points) Convert this NFA to an equivalent DFA: S t S q0 t S q2
-
Consider the equation below. 4x + y +42 - 4y 24z + 36 = 0 Reduce the equation to one of the standard forms. Classify the surface. elliptic cylinder circular cone ellipsoid hyperboloid of one sheet...
-
Problem: The following information has been taken from the accounting records of Sohar Manufacturing Company for the year December31, 2023: Particulars Amount Raw materials inventory, January 1...
-
The overall reaction and equilibrium constant value for a hydrogenoxygen fuel cell at 298 K is 2H 2 (g) + O 2 (g) 2H 2 O(l) K = 1.28 10 83 a. Calculate E cell and G 8 at 298 K for the fuel cell...
-
From the first quarter 2018 I 0-Q of Groupon, Inc.: Groupon operates online local commerce marketplaces throughout the world that connect merchants to consumers by offering goods and services,...
-
The adjusted trial balance for the Hass Corporation at the end of 2018 contains the following account: Prepare the long-term liabilities section of the balance sheet. Indicate the proper balance:...
-
Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) you would likely find the item or account: income statement (IS). balance...
-
At December 31, 2017, Eric Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2018, Eric also had two notes payable outstanding (notes 3 and 4). These notes are described...
-
Ruth Corporation had the following payroll for April: Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of...
-
The following data are taken from Stockton Wholesale Company's May payroll: Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6...
Study smarter with the SolutionInn App