Question: Is the work correct? If not can someone help with the solutions? Problem 5: Stock dividends (12 pts) On January 1, 2019, Las Polamas Inc

 Is the work correct? If not can someone help with the

Is the work correct? If not can someone help with the solutions?

Problem 5: Stock dividends (12 pts) On January 1, 2019, Las Polamas Inc had the following account balances in its shareholders equity accounts. Common stock, 30.01 par, 1,000,000 shares issued $10,000 Paid-in capital-excess of par, common 6,990,000 Retained earnings 4,000,000 During 2019, Las Polamas Inc. had several transactions relating to common stock March 8: Declared and distributed an 8% stock dividend on outstanding common stock. The fair value of the common stock is $8 per share on this date A 5-for-4 stock split was declared and distributed on outstanding common stock and effected in the form of a 25% stock dividend. The fair value of the stock was $7.50 on this date Aug 15: Required: a. Prepare journal entries to record the above two transactions (10 pts). March & Paid in Copital -excess of par 6400 Common stock 6400 10,08% 6406 690x8k Aug. is Retained Earnings Connor stat PIC- excess of por 15,000 2000 22XX 7.5: ISK b. Show the balance of common stock and paid-in capital-excess of par on December 31, 2019 (2 pts), Common Stock: 6400+ - +2,000 10,000 PIL-oan of Por: Gogom- 600 + 11000 6,996,600

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