Metlock Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Common...

  

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Metlock Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 56,000 outstanding $560,000 Paid-in capital in excess of par 140,000 Total paid-in capital $700,000 Retained earnings 180,000 Total stockholder's equity $880,000 On June 30, 2020, the board of directors of Metlock Corporation declared a 20% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Metlock Corporation's stock on June 30, 2020, was $15. On December 1, 2020, the board of directors declared a 2 for 1 stock split effective December 15, 2020. Metlock Corporation's stock was selling for $20 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $202.000 and there were no cash dividends declared. (a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Fill in the amount that would appear in the stockholders' equity section for Metlock Corporation at December 31, 2020, for the following items: 1. Common stock 2. Number of shares outstanding 3. Par value per share 4. Paid-in capital in excess of par Retained earnings Total stockholders' equity 009000 Metlock Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 56,000 outstanding $560,000 Paid-in capital in excess of par 140,000 Total paid-in capital $700,000 Retained earnings 180,000 Total stockholder's equity $880,000 On June 30, 2020, the board of directors of Metlock Corporation declared a 20% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Metlock Corporation's stock on June 30, 2020, was $15. On December 1, 2020, the board of directors declared a 2 for 1 stock split effective December 15, 2020. Metlock Corporation's stock was selling for $20 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $202.000 and there were no cash dividends declared. (a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Fill in the amount that would appear in the stockholders' equity section for Metlock Corporation at December 31, 2020, for the following items: 1. Common stock 2. Number of shares outstanding 3. Par value per share 4. Paid-in capital in excess of par Retained earnings Total stockholders' equity 009000

Answer rating: 100% (QA)

Sr no Particulars 1 2 3 14 5 Common Stock 560000 x 120 Nu... View the full answer