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Part C

On October 1, 2016, Nicklaus Corporation receives permission to replace its $1 par value common stock (5,000,000 shares authorized, 3,000,000 shares issued, and 2,900,000 shares outstanding) with a new common stock issue having a $.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation.

On November 1, 2016, the Nicklaus Corporation declares a $0.13 per share cash dividend on common stock and a $0.30 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2016, to shareholders of record on November 15, 2016.

On December 2, 2016, the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2016, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $15 per share. The dividend will result in 58,000 (0.01 5,800,000) additional shares being issued to shareholders.

Required:

1.

Prepare journal entries to record the declaration and payment of these stock and cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1.Record the entry for a 2-for-1 stock split. 2.Record declaration of cash dividend for common shares and preferred shares. 3.Record the entry on date of record. 4.Record payment of cash dividend for common shares and preferred shares. 5.Record declaration of common stock dividend. 6.Record distribution of common stock dividend.

2.	Prepare the December 31, 2016, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,450,000.)

3.	Prepare a statement of shareholders' equity for Nicklaus Corporation for 2016. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)

Part C On October 1, 2016, Nicklaus Corporation receives permission to replace its $1 par value common stock (5,000,000 shares authorized, 3,000,000 shares issued, and 2,900,000 shares outstanding) with a new common stock issue having a S 50 par value. Since the new par value is one-half the amount of the old, this represents a 2-or-1 stock split. That is, the shareholders wi receive two shares of the 50 par stock in exchange for each share of the$1 par stock they own. The $1 par stock wil be collected and destroyed by he issuing corporation On November 1, 2016, the Nicklaus Corporation declares a$0.13 per share cash dividend on common stock and a S0.30 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2016, to shareholders of record on November 5, 2016. On December 2, 2016. the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2016, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $15 per share. The dividend will result in 58.000 (0.01 x 5,800,000) additional shares being issued to shareholders. Required 1, Prepare journal entries to record the declaration and payment of these stock and cash dividends (Ifno entry is required for a transaction/event, select "No journal entry required in the first account field.) transaction list view transa Journal E 1. Record the entry for a 2-for-1 stock split. 2Record declaration of cash dividend for common shares 20060 and preferred shares. Recor 3. Record the entry on date of record 4. Record payment of cash dividend for common shares and preferred shares. Date I5Record declaration of common stock dividend. 6. Record distribution of common stock dividend. 2. Prepare the December 31, 2016, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,450,000.) NICKLAUS CORPORATION Balance Sheet Shareholders' Equity Section December 31, 2016 Shareholders' equity Preferred stock 5,000,000 Common stock 3.029.000 Paid-in capita-excess of par 42,551,000 Paid-in capita-share repurchase 45.000 Retained earnings 50.625.000 Less: Treasury stock 700,000 Total shareholders' equity 48,925,000 Prepare a statement of shareholders' equity for Nicklaus Corporation for 2016. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) NICKLAUS CORPORATION Statement of Shareholders' Equity for the Year Ended Dec. 31, 2016 in 000s Additional Retained Treasury Preferred Common Paid-in Shareholders' Stock Stock Cal Earnings Stock Jan. 2, 2016 5.000 15.000 lssuance of preferred stock Issuance of common stock 3000 27 000 (2,400) Purchase of treasury stock 50 1200 Sale of treasury stock Net income 6500 common cash dividends 1290) (2900 Preferred cash dividends 1250) Stock dividend 29 551 (580) December 31, 2016 5.000 3029 42.601 5380 01.200 290 Part C On October 1, 2016, Nicklaus Corporation receives permission to replace its $1 par value common stock (5,000,000 shares authorized, 3,000,000 shares issued, and 2,900,000 shares outstanding) with a new common stock issue having a S 50 par value. Since the new par value is one-half the amount of the old, this represents a 2-or-1 stock split. That is, the shareholders wi receive two shares of the 50 par stock in exchange for each share of the$1 par stock they own. The $1 par stock wil be collected and destroyed by he issuing corporation On November 1, 2016, the Nicklaus Corporation declares a$0.13 per share cash dividend on common stock and a S0.30 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2016, to shareholders of record on November 5, 2016. On December 2, 2016. the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2016, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $15 per share. The dividend will result in 58.000 (0.01 x 5,800,000) additional shares being issued to shareholders. Required 1, Prepare journal entries to record the declaration and payment of these stock and cash dividends (Ifno entry is required for a transaction/event, select "No journal entry required in the first account field.) transaction list view transa Journal E 1. Record the entry for a 2-for-1 stock split. 2Record declaration of cash dividend for common shares 20060 and preferred shares. Recor 3. Record the entry on date of record 4. Record payment of cash dividend for common shares and preferred shares. Date I5Record declaration of common stock dividend. 6. Record distribution of common stock dividend. 2. Prepare the December 31, 2016, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,450,000.) NICKLAUS CORPORATION Balance Sheet Shareholders' Equity Section December 31, 2016 Shareholders' equity Preferred stock 5,000,000 Common stock 3.029.000 Paid-in capita-excess of par 42,551,000 Paid-in capita-share repurchase 45.000 Retained earnings 50.625.000 Less: Treasury stock 700,000 Total shareholders' equity 48,925,000 Prepare a statement of shareholders' equity for Nicklaus Corporation for 2016. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) NICKLAUS CORPORATION Statement of Shareholders' Equity for the Year Ended Dec. 31, 2016 in 000s Additional Retained Treasury Preferred Common Paid-in Shareholders' Stock Stock Cal Earnings Stock Jan. 2, 2016 5.000 15.000 lssuance of preferred stock Issuance of common stock 3000 27 000 (2,400) Purchase of treasury stock 50 1200 Sale of treasury stock Net income 6500 common cash dividends 1290) (2900 Preferred cash dividends 1250) Stock dividend 29 551 (580) December 31, 2016 5.000 3029 42.601 5380 01.200 290