On December 31, 2023, LeBlanc Corporation, a public company, had the following shareholders’ equity accounts: 

Instructions 

a. Journalize the transactions and closing entries for 2024. 

b. Create general ledger accounts and enter the beginning balances from the December 31, 2023, partial balance sheet. Post the entries in part (a) to the shareholders’ equity accounts. (Note: Open additional shareholders’ equity accounts as needed.) 

c. Prepare the shareholders’ equity section of the balance sheet at December 31, 2024.

What are the advantages and disadvantages to investors when a company declares a stock dividend or a stock split?

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Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan. 15 July 1 LEBLANC CORPORATION Balance Sheet (partial) December 31, 2023 Dec. 15 31 $1,100,000 540,000 $1,640,000 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 3-for-2 stock split. The market price per share on the date of the announce- ment was $15. Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $10; on December 30, $12; and on January 15, $11. Determined that profit before income tax for the year was $450,000. The company has a 30% income tax rate.