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Intermediate accounting week Essay

13-40-Stock dividends and stock splits. (a) Dr. Retained earnings 20,000 Cr. Common stock 20,000 To record 10% stock dividend issuance. (b) Dr. Retained earnings 100,000 Cr. Common stock 100,000 (c ) Stock split will change the pan value of the ordinarily shares from $5 to $2. 50 and increase the number of shares from 40,000 to 80,000. the total value of the investment will not be affected. 13-47. Journalizing stock transactions. January 1 Assets 17,000 Expenses 7,000 Common stock 500 Premium 23,500 To record issuances of 500 shares of common stock to promoters in consideration to property and services offered.

February 23 Cash 142,500 Preference shares 100, 000 Premium 42,500 To record issuance of 1000 preference shares. March 10 Cash 114,500 Common stock 3,000 Premium 111,500 To record issuance 3000 shares of common stock. April 10 Common Stock subscription Receivable 180,000 Common Stock subscribed 4,000 Premium 176,000 To record subscription of 4000 shares of common stock. July 14 Building 51,000 Common stock 700 Preference stock 14,000 Premium 36,300 To record issuance of 700 shares of common stock and stock and 140 shares of preference stock in consideration for building. July 14 Cash 24,000.

Common stock 600 Premium 23, 400 To record sale

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of 600 shares of common stock. August 3 Cash 140,000 Common stock subscription receivable 140,000 To record receipt of payment for half of the subscribed common stock. August 3 common stock subscribed 2000 Common stock 2000 To record issuance of half of the subscribed common stock shares. December 1. Retained Earnings. Proposed Preference dividend Proposed common stock dividend To record declaration of preference and common stock dividends. December 31: Proposed preference stock dividend 11,400 Cash 11,400 To record payment of 10% preference stock dividend.

December 31: Common stock forfeiture 30,000 Common stock subscription Receivable 30,000 To record forfeiture of subscribed common stock December 31: Common stock subscribed 2000 Common stock forfeiture 2000 To record forfeiture of common stock 2. Equity Section of Balance Sheet. Common stock) 6,800 (20000 $1 shares authorized 6,800 issued and fully paid) Preference stock 10% 1140 issued and fully paid 114000 Share premium 383200 Retained capital 35000 Proposed dividend 13600 Total 552, 600.

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