Use the same facts as in RE 16 3, but instead assume that Pickens declares and issues a 50 stock dividend when the stock is selling for $30 per share Prepare the journal entry on the date of declaration to record Pickens 's stock dividend

Question: Use the same facts as in RE 16-3, but instead assume that Pickens declares and issues a 50% stock dividend when the stock is selling

Use the same facts as in RE 16-3, but instead assume that Pickens declares and issues a 50% stock when the stock is selling for $30 per share. Prepare the journal entry on the date of declaration to record Pickens's stock

Step by Step Solution

★★★★★

3.40 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Retained Earnings 10 par 25000 2... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

524-B-A-E-M (403).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Use the same facts as in problem 14, but assume instead that Arturo pays cash of $4,200,000 to acquire Westmont. No stock is issued. Prepare Arturos journal entry to record its acquisition...

Use the same facts as in Problem 31 except that Brandlin Company purchases parts from a foreign supplier on December 1, 2011, with payment of 20,000 korunas to be made on March 1, 2012. On December...

In the following problems: Draft a shorthand or broad statement of the issue. Draft a comprehensive or narrow statement of the issue in the relevant law + legal question + key facts format. Part A...

Bearkat Bicycles Practice Set General Instructions: You should check off each requirement to ensure all have been completed. The practice set is worth 50 points and is due at the beginning o class on...

1. assume all facts are the same except in Required a. Millers stock has a fair value of $30 per share. Prepare the necessary journal entries if Miller Dissolves Richmond so it is no longer a...

In late 2 0 2 2 , the Pickins Corporation was formed. The articles of incorporation authorize 5 , 0 0 0 , 0 0 0 shares of common stock carrying a $ 1 par value, and 1 , 0 0 0 , 0 0 0 shares of $ 1 0...

FINAL ACC2202 EXAM: 1. Stockholders of a corporation directly elect: a. the president of the corporation. b. the board of directors. c. the treasurer of the corporation. d. all of the employees of...

Please help answer just part f. (in red) for this problem. I will be re-working it before I submit, but I need full guidance to better learn the concepts and how you got to them through Excel....

Can anyone solve the answers from the given document givenbelow? I really need help. MY FINAL LITERALLY IS KNOCKING AT THE DOOR. Name_________________________________ Student...

SOMEONE PLEASE HELP ME GIVE ALL THE ANSWERS!!!!! MY EXAM IS ON 13th MORNING! SO PLEASEEEEE!!!!! 2. An investment is expected to pay the following: C 1 = $2,300, C 2 = $2,600, C 3 = $2,900, and then...

In the standard economic model of consumer behavior, as a person consumes more of a product, do we assume that his marginal utility is increasing or diminishing?

PAL Corporation acquired 40% of the outstanding preferred stock of Saltz, Inc. for $60,000 and 90% of that firms outstanding common stock for $600,000 on January 1, 2010. On the date that the...

Name an organization not mentioned in the chapter that competes primarily using product innovation and short product cycles (i.e., first to market). Explain.

for a definition of these variables). Does there seem to be a nonlinear relationship between any pair of variables? Repeat the exercise using the data in the advertising example (ADVERT.XLS).

On January 1, 2013, Seaver Company sold land with a book value of $23,000 to Bench Company. Bench paid $15,000 down and signed a $15,000 non-interest-bearing note, payable in two $7,500 annual...

On January 1, 2012, Kehoe Corporation insured the lives of its president, vice president, controller, and treasurer for $100,000 each. The annual premium on each policy is $4,200, payable on January...

On October 1, 2012, Jenkins Corporation bought bonds with a face value of $200,000 for $199,175, which included accrued interest. The bonds are due December 31, 2014, and carry a face rate of...

1. Database Design A SmartFit is a fitness center, and they need to create a Fitness Center Management (FCM) system to keep track of their transactions. Assume that you are hired by an organization...

Project cash flow and NPV. The managers of Classic Autos Incorporated plan to manufacture classic Thunderbirds (1957 replicas). The necessary foundry equipment will cost a total of $4,300,000 and...

King, Incorporated, has debt outstanding with a face value of $4.3 million. The value of the firm if it were entirely financed by equity would be $17.9 million. The company also has 320,000 shares of...