On January 1, 2020, Penton Corporation had $2,000,000 of $10 par value ordinary shares outstanding that...
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On January 1, 2020, Penton Corporation had $2,000,000 of $10 par value ordinary shares outstanding that were issued at par and retained earnings of $1,000,000. The company issued 200,000 ordinary shares at $13 per share on July 1. On December 15, the board of directors declared a 10% share dividend to shareholders of record on December 31, 2020, payable on January 15, 2021. The market value of Penton Corporation shares was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $500,000. Instructions Journalize the issuance of shares on July 1 and the declaration of the share dividend on December 15. On January 1, 2020, Penton Corporation had $2,000,000 of $10 par value ordinary shares outstanding that were issued at par and retained earnings of $1,000,000. The company issued 200,000 ordinary shares at $13 per share on July 1. On December 15, the board of directors declared a 10% share dividend to shareholders of record on December 31, 2020, payable on January 15, 2021. The market value of Penton Corporation shares was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $500,000. Instructions Journalize the issuance of shares on July 1 and the declaration of the share dividend on December 15.
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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