Question: Albertine Industries declared a 10% stock dividend on August 15 to be distributed on September 10 to stockholders of record on August 28. On August

Albertine Industries declared a 10% stock dividend on August 15 to be distributed on September 10 to stockholders of record on August 28. On August 15, Albertine had 3,000,000 shares of $1 par stock outstanding, and its stock was trading at $7 per share.
Required
Prepare the August 15 entry for Albertine. How would the entry change if the stock dividend was 50%?

Step by Step Solution

★★★★★

3.35 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The 10 dividend a small stock dividend will be recorded at market value as follows Aug ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

497-B-A-E (1656).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Issue 3 On 1 March 20X3 CI declared a 10 stock dividend The purpose of this was to appease the shareholders while they wait for a return on their investments The stock dividend has yet to be issued

FinancialACCT2 Chapter 10 Problem 36 Recording and Reporting Equity Please fill out my spreadsheet, any help is greatly appreciated! Thanks! some specified ratio. es Required Match each term with the...

Prepare the issuers journal entry for each separate transaction. (a) On March 1, Edgar Co. issues 44,500 shares of $4 par value common stock for $255,000 cash. (b) On April 1, GT Co. issues no-par...

FinancialACCT2 Chapter 10 Problem 36 Recording and Reporting Equity Please finish filling out my spreadsheet, any help is greatly appreciated! Thanks! some specified ratio. es Required Match each...

Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe Incorporated. The charter of the corporation authorized 500,000 shares of $5 par common stock, and 100,000 shares of $30...

Last August 31, Redondo Corporation had a $\$ 650,000$ credit balance in its Retained Earnings account. On that date, the corporation's contributed capital consisted of 60,000 authorized shares of...

The Weldon Corporation stockholders' equity consisted of the following on January 1, 2010: $ 2,000,000 Stockholders' Equity Paid-in capital Capital stock 6% Preferred stock, $100 par value,...

Sumpkin Accounting Corp. began the year with 1,000,000 authorized and 223,000 issued and outstanding. $10 par common shares. During the year, Pumpkir antered into the following trangactions: a....

1. (10 points) A company reports the following stockholders' equity: Common stock, $2 par, 5,000,000 shares authorized Paid-in capital in excess of par, Common stock Total paid-in capital Retained...

Words:22 QUESTION 24 On August 1, a company's board of directors declared a 10% stock dividend to be distributed on September 1 to the stockholders of record on August 20. The company had 1,000,000...

If behavior is governed by rational self-interest, why do people make charitable contributions of time and money?

Describe factors that would lead the auditor to assess inherent risk at the assertion level at a higher level.

Based on the following petty cash information, prepare journal entries to establish the petty cash fund and to replenish the fund at the end of the month. 1 . On March 1 , a check is written for $ 1...

15 Find examples of advertisements where the benefit focus is executed correctly and examples where it is not, and discuss why.

Galaxy Realty, organized October 1, 2008, is owned and operated by Ora Tasker. How many errors can you find in the following financial statements for Galaxy Realty, prepared after its second month...

On June 1 of the current year, Doni Gilmore established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank account with a deposit of...

Following are the amounts of the assets and liabilities of Pedigree Travel Agency at December 31, 2008, the end of the current year, and its revenue and expenses for the year. The capital of Shiann...

please choose the correct option Hudson Corporation will pay a dividend of $3.60 per share next year. The company pledges to increase its dividend by 5.40 percent per year indefinitely. If you...

1. In what way can a firm greatly reduce the problem associated with basing its decisions on inaccurate results from using firm-wide WACC for all projects? A. Calculate WACCs using the separation...

Select the correct signs comparing the distributions below. distribution 10 30 mean - Mean of A __Mean of B [ Select ] - Variance of B Variance of C [ Select ]