2 On January 1, 2024, Gerlach Incorporated had the following account balances in its shareholders' equity...
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2 On January 1, 2024, Gerlach Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.9 per share, fair value $9.95 per share). During 2024, Gerlach Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital- excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock; The fair value is, $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Record the above transactions and events in journal entry format. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list 1 Record any gain or loss on the disposal of the stock. 2 Record the declaration of the property dividend. 2 On January 1, 2024, Gerlach Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.9 per share, fair value $9.95 per share). During 2024, Gerlach Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital- excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock; The fair value is, $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Record the above transactions and events in journal entry format. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list 1 Record any gain or loss on the disposal of the stock. 2 Record the declaration of the property dividend.
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Answer To record the transactions and events in journal entry format we can follow the steps below 1 ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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