Rina Financial Corporation is the parent company of Rina Bank. The company's stock split was announced...
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Rina Financial Corporation is the parent company of Rina Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Rina Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Rina Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 31.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Rina recorded at the time of the stock split. 2. If Rina's stock price had been $43 at the time of the split, what would be its approximate value after the split (other things equal)? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry, if any, that Rina recorded at the time of the stock split. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. 0.2 points 1 Liu Industries issued 13 million of its $1 par common shares for $432 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million. Required: 1. Prepare the journal entry to record the issuance of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list eBook Hint Print References Journal entry worksheet 1 Record the issuance of the shares. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry 2 Note. To enlly is requireu lui a transaction/event, select No journal entry requieu in the mist account neiu. Enter your answers III whole dollars and not in millions. 0.2 points View transaction list eBook Print References Journal entry worksheet > 1 Record the stock split effected in the form of a stock dividend. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > 2 0.2 points Rina Financial Corporation is the parent company of Rina Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Rina Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Rina Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. eBook At the time of the stock split, 31.5 million shares of common stock, $0.001 par per share, were outstanding. Required: Print 1. Prepare the journal entry, if any, that Rina recorded at the time of the stock split. 2. If Rina's stock price had been $43 at the time of the split, what would be its approximate value after the split (other things equal)? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 If Rina's stock price had been $43 at the time of the split, what would be its approximate value after the split (other things equal)? Note: Enter your answer in dollars rounded to 2 decimal places. Approximate value per share < Required 1 Required 2 4 0.2 points The shareholders' equity of Core Technologies Company on June 30, 2023, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares Paid-in capital-excess of par Retained earnings $ 3,000,000 12,000,000 14,000,000 eBook Hint On April 1, 2024, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $30 on April 1, 2024, and $40 on June 1, 2024. Required: Prepare the journal entries to record the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Print View transaction list References Journal entry worksheet 1 2 Record the declaration of the stock dividend. Note: Enter debits before credits. Date April 01, 2024 General Journal Debit Credit > 4 0.2 The shareholders' equity of Core Technologies Company on June 30, 2023, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares Paid-in capital-excess of par Retained earnings $ 3,000,000 12,000,000 14,000,000 points eBook On April 1, 2024, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $30 on April 1, 2024, and $40 on June 1, 2024. Required: Prepare the journal entries to record the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Hint Print References View transaction list Journal entry worksheet 1 2 Record the distribution of the stock dividend. Note: Enter debits before credits. Date June 01, 2024 General Journal Debit Credit 5 0.2 points eBook Hint When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 2024: New Securities Issues Equity American Materials Transfer Corporation (AMTC)5.0 million common shares, $0.001 par, priced at $13.196 each through underwriters led by Second Tennessee Bank N.A. and Morgan, Dunavant & Company, according to a syndicate official. Proactive Solutions Incorporated (PSI)-Offering of 9 million common shares, $0.01 par, was priced at $13.40 a share via lead manager Stanley Brothers, Incorporated, according to a syndicate official. Required: Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Print View transaction list References Journal entry worksheet 1 2 Record the issuance of the AMTC stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit > 0.2 5 points eBook 201 Hint When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 2024: New Securities Issues Equity American Materials Transfer Corporation (AMTC)5.0 million common shares, $0.001 par, priced at $13.196 each through underwriters led by Second Tennessee Bank N.A. and Morgan, Dunavant & Company, according to a syndicate official. Proactive Solutions Incorporated (PSI)-Offering of 9 million common shares, $0.01 par, was priced at $13.40 a share via lead manager Stanley Brothers, Incorporated, according to a syndicate official. Required: Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Print View transaction list n References Journal entry worksheet < 1 2 Record the issuance of the PSI stock. Note: Enter debits before credits. Event 2 General Journal Debit Credit 0.2 6 points eBook Print References Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Hanmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Hanmi Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 24.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. 2. If Hanmi's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal)? 6 Complete this question by entering your answers in the tabs below. 0.2 Required 1 Required 2 points eBook Print References Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list Journal entry worksheet 1 Record the stock split effected in the form of a stock dividend. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry 0.2 6 points eBook Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Hanmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Hanmi Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 24.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. Print 2. If Hanmi's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal)? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 If Hanmi's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal)? Note: Enter your answer in dollars. Approximate value per share < Required 1 Required 2 0.2 7 points eBook Hint Print References Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2023: ($ in millions) Paid-in capital: Common stock, 1,400 million shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholders' equity $ 1,400 16,800 15,638 $ 33,838 On March 16, 2024, a 4% common stock dividend was declared and distributed. The market value of the common stock was $31 per share. Fractional share rights represented 3 million equivalent whole shares. Cash was paid in lieu of the fractional share rights. Required: 1. Complete the below table to calculate the value of shares issued. 2. Prepare the appropriate entries for the declaration and distribution of the stock dividend. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate the value of shares issued. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued Value of stock dividend $ 0 Amount paid in cash for fractional shares Value of shares issued $ % 0.2 7 Required 1 Required 2 points eBook Hint Print Prepare the appropriate entries for the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 Record the declaration and distribution of the stock dividend. References Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry > 0.2 8 points eBook Print References The following is a news item reported by Reuters: WASHINGTON, Jan 29 (Reuters)- Orville Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 4 million shares of common stock. In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions. After the sale there will be about 39.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing. Orville shares closed at $17.95 on Nasdaq. The common stock of Orville Medical Group has a par of $0.04 per share. Required: Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. 0.2 8 points Required: Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list eBook Print Journal entry worksheet 1 References Record the issuance of the new stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry 9 Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 106 million common shares, $1 par per share. 0.2 Retained Earnings ($ in millions) points Debit Retirement of 6 million common shares for $37 million 6 108 Declaration and payment of a $0.40 per share cash dividend 40 97 eBook Declaration and distribution of a 23 5% stock dividend 136 Credit Beginning balance Net income for the year Ending balance Print References Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Show less 0.2 9 points View transaction list Journal entry worksheet 1 2 3 4 eBook Record the retirement of common shares. Print References Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > > Show less 0.2 9 points View transaction list eBook Print Journal entry worksheet 2 3 4 Record the closing entry for net income. References Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > > Show less 9 0.2 points View transaction list eBook Print References Journal entry worksheet < 1 2 3 4 Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit Clear entry Record entry View general journal Required 1 Required 2 > > Show less 0.2 9 points View transaction list eBook Print References Journal entry worksheet < 1 2 3 4 Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Show less 0.2 9 points eBook Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Print References Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2024 ($ in millions) Balance at January 1 Deductions: Balance at December 31 $ 108 Required 1 Required 2 > 10 Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 105 million common shares, $1 par per share. 0.2 Retained Earnings ($ in millions) points Debit Retirement of 5 million common shares for $22 million 2 90 Declaration and payment of a $0.33 per share cash dividend 33 88 eBook Declaration and distribution of a 20 4% stock dividend 123 Print Credit Beginning balance Net income for the year Ending balance References Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Show less 10 0.2 points View transaction list eBook Journal entry worksheet 1 2 3 4 Record the retirement of common shares. Print Note: Enter debits before credits. References Event 1 General Journal Debit Credit Record entry Clear entry > View general journal < Required 1 Required 2 > Show less 10 0.2 points View transaction list eBook Print Journal entry worksheet < 1 2 3 Record the closing entry for net income. References Note: Enter debits before credits. Event 2 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Show less 0.2 10 points View transaction list Journal entry worksheet < 1 2 3 4 eBook Print References Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit Record entry Clear entry > View general journal Required 1 Required 2 > Show less 10 0.2 points View transaction list Journal entry worksheet < 1 2 3 4 eBook Print References Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Show less 0.2 10 points Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print References Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2024 ($ in millions) Balance at January 1 Deductions: Balance at December 31 $ 90 < Required 1 Required 2 > Rina Financial Corporation is the parent company of Rina Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Rina Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Rina Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 31.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Rina recorded at the time of the stock split. 2. If Rina's stock price had been $43 at the time of the split, what would be its approximate value after the split (other things equal)? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry, if any, that Rina recorded at the time of the stock split. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. 0.2 points 1 Liu Industries issued 13 million of its $1 par common shares for $432 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million. Required: 1. Prepare the journal entry to record the issuance of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list eBook Hint Print References Journal entry worksheet 1 Record the issuance of the shares. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry 2 Note. To enlly is requireu lui a transaction/event, select No journal entry requieu in the mist account neiu. Enter your answers III whole dollars and not in millions. 0.2 points View transaction list eBook Print References Journal entry worksheet > 1 Record the stock split effected in the form of a stock dividend. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > 2 0.2 points Rina Financial Corporation is the parent company of Rina Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Rina Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Rina Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. eBook At the time of the stock split, 31.5 million shares of common stock, $0.001 par per share, were outstanding. Required: Print 1. Prepare the journal entry, if any, that Rina recorded at the time of the stock split. 2. If Rina's stock price had been $43 at the time of the split, what would be its approximate value after the split (other things equal)? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 If Rina's stock price had been $43 at the time of the split, what would be its approximate value after the split (other things equal)? Note: Enter your answer in dollars rounded to 2 decimal places. Approximate value per share < Required 1 Required 2 4 0.2 points The shareholders' equity of Core Technologies Company on June 30, 2023, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares Paid-in capital-excess of par Retained earnings $ 3,000,000 12,000,000 14,000,000 eBook Hint On April 1, 2024, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $30 on April 1, 2024, and $40 on June 1, 2024. Required: Prepare the journal entries to record the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Print View transaction list References Journal entry worksheet 1 2 Record the declaration of the stock dividend. Note: Enter debits before credits. Date April 01, 2024 General Journal Debit Credit > 4 0.2 The shareholders' equity of Core Technologies Company on June 30, 2023, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares Paid-in capital-excess of par Retained earnings $ 3,000,000 12,000,000 14,000,000 points eBook On April 1, 2024, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $30 on April 1, 2024, and $40 on June 1, 2024. Required: Prepare the journal entries to record the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Hint Print References View transaction list Journal entry worksheet 1 2 Record the distribution of the stock dividend. Note: Enter debits before credits. Date June 01, 2024 General Journal Debit Credit 5 0.2 points eBook Hint When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 2024: New Securities Issues Equity American Materials Transfer Corporation (AMTC)5.0 million common shares, $0.001 par, priced at $13.196 each through underwriters led by Second Tennessee Bank N.A. and Morgan, Dunavant & Company, according to a syndicate official. Proactive Solutions Incorporated (PSI)-Offering of 9 million common shares, $0.01 par, was priced at $13.40 a share via lead manager Stanley Brothers, Incorporated, according to a syndicate official. Required: Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Print View transaction list References Journal entry worksheet 1 2 Record the issuance of the AMTC stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit > 0.2 5 points eBook 201 Hint When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 2024: New Securities Issues Equity American Materials Transfer Corporation (AMTC)5.0 million common shares, $0.001 par, priced at $13.196 each through underwriters led by Second Tennessee Bank N.A. and Morgan, Dunavant & Company, according to a syndicate official. Proactive Solutions Incorporated (PSI)-Offering of 9 million common shares, $0.01 par, was priced at $13.40 a share via lead manager Stanley Brothers, Incorporated, according to a syndicate official. Required: Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Print View transaction list n References Journal entry worksheet < 1 2 Record the issuance of the PSI stock. Note: Enter debits before credits. Event 2 General Journal Debit Credit 0.2 6 points eBook Print References Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Hanmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Hanmi Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 24.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. 2. If Hanmi's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal)? 6 Complete this question by entering your answers in the tabs below. 0.2 Required 1 Required 2 points eBook Print References Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list Journal entry worksheet 1 Record the stock split effected in the form of a stock dividend. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry 0.2 6 points eBook Hanmi Financial Corporation is the parent company of Hanmi Bank. The company's stock split was announced in the following wire: LOS ANGELES January 20 BUSINESS WIRE-Hanmi Financial Corporation (Nasdaq), announced that the Board of Directors has approved a two-for-one stock split, to be effected in the form of a 100 percent common stock dividend. Hanmi Financial Corporation stockholders of record at the close of business on January 31 will receive one additional share of common stock for every share of common stock then held. Distribution of additional shares issued as a result of the split is expected to occur on or about February 15. At the time of the stock split, 24.5 million shares of common stock, $0.001 par per share, were outstanding. Required: 1. Prepare the journal entry, if any, that Hanmi recorded at the time of the stock split. Print 2. If Hanmi's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal)? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 If Hanmi's stock price had been $36 at the time of the split, what would be its approximate value after the split (other things equal)? Note: Enter your answer in dollars. Approximate value per share < Required 1 Required 2 0.2 7 points eBook Hint Print References Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2023: ($ in millions) Paid-in capital: Common stock, 1,400 million shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholders' equity $ 1,400 16,800 15,638 $ 33,838 On March 16, 2024, a 4% common stock dividend was declared and distributed. The market value of the common stock was $31 per share. Fractional share rights represented 3 million equivalent whole shares. Cash was paid in lieu of the fractional share rights. Required: 1. Complete the below table to calculate the value of shares issued. 2. Prepare the appropriate entries for the declaration and distribution of the stock dividend. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate the value of shares issued. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued Value of stock dividend $ 0 Amount paid in cash for fractional shares Value of shares issued $ % 0.2 7 Required 1 Required 2 points eBook Hint Print Prepare the appropriate entries for the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 Record the declaration and distribution of the stock dividend. References Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry > 0.2 8 points eBook Print References The following is a news item reported by Reuters: WASHINGTON, Jan 29 (Reuters)- Orville Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 4 million shares of common stock. In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions. After the sale there will be about 39.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing. Orville shares closed at $17.95 on Nasdaq. The common stock of Orville Medical Group has a par of $0.04 per share. Required: Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. 0.2 8 points Required: Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list eBook Print Journal entry worksheet 1 References Record the issuance of the new stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry 9 Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 106 million common shares, $1 par per share. 0.2 Retained Earnings ($ in millions) points Debit Retirement of 6 million common shares for $37 million 6 108 Declaration and payment of a $0.40 per share cash dividend 40 97 eBook Declaration and distribution of a 23 5% stock dividend 136 Credit Beginning balance Net income for the year Ending balance Print References Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Show less 0.2 9 points View transaction list Journal entry worksheet 1 2 3 4 eBook Record the retirement of common shares. Print References Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > > Show less 0.2 9 points View transaction list eBook Print Journal entry worksheet 2 3 4 Record the closing entry for net income. References Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > > Show less 9 0.2 points View transaction list eBook Print References Journal entry worksheet < 1 2 3 4 Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit Clear entry Record entry View general journal Required 1 Required 2 > > Show less 0.2 9 points View transaction list eBook Print References Journal entry worksheet < 1 2 3 4 Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Show less 0.2 9 points eBook Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Print References Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2024 ($ in millions) Balance at January 1 Deductions: Balance at December 31 $ 108 Required 1 Required 2 > 10 Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2024. On January 1, 2024, the corporation had outstanding 105 million common shares, $1 par per share. 0.2 Retained Earnings ($ in millions) points Debit Retirement of 5 million common shares for $22 million 2 90 Declaration and payment of a $0.33 per share cash dividend 33 88 eBook Declaration and distribution of a 20 4% stock dividend 123 Print Credit Beginning balance Net income for the year Ending balance References Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner-Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Show less 10 0.2 points View transaction list eBook Journal entry worksheet 1 2 3 4 Record the retirement of common shares. Print Note: Enter debits before credits. References Event 1 General Journal Debit Credit Record entry Clear entry > View general journal < Required 1 Required 2 > Show less 10 0.2 points View transaction list eBook Print Journal entry worksheet < 1 2 3 Record the closing entry for net income. References Note: Enter debits before credits. Event 2 General Journal Debit Credit Clear entry Record entry View general journal < Required 1 Required 2 > Show less 0.2 10 points View transaction list Journal entry worksheet < 1 2 3 4 eBook Print References Record the declaration and payment of a cash dividend. Note: Enter debits before credits. Event 3 General Journal Debit Credit Record entry Clear entry > View general journal Required 1 Required 2 > Show less 10 0.2 points View transaction list Journal entry worksheet < 1 2 3 4 eBook Print References Record the declaration and distribution of a stock dividend. Note: Enter debits before credits. Event 4 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Show less 0.2 10 points Required: 1. From the information provided by the account changes, you should be able to recreate the transactions that affected Brenner- Jude's retained earnings during 2024. Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print References Prepare a statement of retained earnings for Brenner-Jude for the year ended 2024. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). BRENNER-JUDE CORPORATION Statement of Retained Earnings FOR THE YEAR ENDED DECEMBER 31, 2024 ($ in millions) Balance at January 1 Deductions: Balance at December 31 $ 90 < Required 1 Required 2 >
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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