Financial Accounting Stock Split And Stock Dividend Homework Help
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1.On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,300 shares of $101 par value, 7% cumulative and nonparticipating preferred stock, and 50,700 shares of $11 par value common stock. It then completed these transactions.
Jan. 11 Issued 20,260 shares of common stock at $18 per share.
Feb. 1 Issued to Sanchez Corp. 4,400 shares of preferred stock for the following assets: machinery with a fair market value of $59,350; a factory building with a fair market value of $170,600; and land with an appraised value of $332,400.
Jul 29 Purchased 1,890 shares of common stock at $17 per share. (Use cost method.)
Aug. 10 Sold the 1,890 treasury shares at $14 per share.
Dec. 31 Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31 Closed the Income Summary account. There was a $180,640 net income.
a. Record the journal entries for the transactions listed above. (Round the answers to 0 decimal places, e.g. 125. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.
b. Prepare the stockholders’ equity section of Phelps Corporation’s balance sheet as of December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
2.The common stock of Warner Inc. is currently selling at $115 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $74 per share, 5.83 million shares are issued and outstanding.
Prepare the necessary journal entries assuming the following. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.
a. The board votes a 2-for-1 stock split.
b. The board votes a 100% stock dividend.
3.Charles Austin of the controller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2013. Austin has compiled the information listed below.
1. The company is authorized to issue 7,992,000 shares of $10 par value common stock. As of December 31, 2012, 1,998,000 shares had been issued and were outstanding.
2. The per share market prices of the common stock on selected dates were as follows.
|Price per Share|
3. A total of 776,400 shares of an authorized 1,359,600 shares of convertible preferred stock had been issued on July 1, 2012. The stock was issued at its par value of $25, and it has a cumulative dividend of $3 per share. The stock is convertible into common stock at the rate of one share of convertible preferred for one share of common. The rate of conversion is to be automatically adjusted for stock splits and stock dividends. Dividends are paid quarterly on September 30, December 31, March 31, and June 30.
4. Thompson Corporation is subject to a 40% income tax rate.
5. The after-tax net income for the year ended December 31, 2013 was $11,840,000.
The following specific activities took place during 2013.
1. January 1-A 5% common stock dividend was issued. The dividend had been declared on December 1, 2012, to all stockholders of record on December 29, 2012.
2. April 1-A total of 460,800 shares of the $3 convertible preferred stock was converted into common stock. The company issued new common stock and retired the preferred stock. This was the only conversion of the preferred stock during 2013.
3. July 1-A 2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on June 1.
4. August 1-A total of 301,200 shares of common stock were issued to acquire a factory building.
5. November 1-A total of 32,100 shares of common stock were purchased on the open market at $9 per share. These shares were to be held as treasury stock and were still in the treasury as of December 31, 2013.
6. Common stock cash dividends-Cash dividends to common stockholders were declared and paid as follows.
April 15 – $0.30 per share
October 15 – $0.20 per share
7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid as scheduled.
a. Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2013. (Round answer to 0 decimal places, e.g. 1,500)
b. Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2011. (Round answer to 0 decimal places, e.g. 1,500)
c. Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31, 2013.
4.Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $ 240,000 Paid-in Capital in Excess of Par Value—Preferred 56,000 Common Stock 2,000,000 Paid-in Capital in Excess of Stated Value—Common 5,700,000 Treasury Stock—Common (1,000 shares) 22,000 Paid-in Capital from Treasury Stock 3,000 Retained Earnings 560,000 The preferred stock was issued for land having a fair market value of $296,000.All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2011.
(a) Prepare the journal entries for the
(1) Issuance of preferred stock for land.
(2) Issuance of common stock for cash.
(3) Purchase of common treasury stock for cash.
(4) Sale of treasury stock for cash.
(b) Prepare the stockholders’ equity section at December 31, 2011
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5.The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $70 per share. Nine million shares are issued and outstanding.
Prepare the necessary journal entries assuming the following.
(a) The board votes a 2-for-1 stock split.
(b) The board votes a 100% stock dividend.
(c) Briefly discuss the accounting and securities market
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