Question 8: Jameela Corporation reports the following stockholders' equity section on December 31, 2019. Common Stock, $

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Question 8 Jameela Corporation Reports The Following Stockholders Equity Section On December 31 2019 Common Stock 1 (59.97 KiB) Viewed 51 times

Question 8 Jameela Corporation Reports The Following Stockholders Equity Section On December 31 2019 Common Stock 2 (43.65 KiB) Viewed 51 times

Question 8: Jameela Corporation reports the following stockholders' equity section on December 31, 2019. Common Stock, $10 Par value: 200,000 share authorized: 120,000 shares issued and outstanding $1,200,000 Paid-in-capital in excess of par value, common stock 330,000 Retained Earnings 800,000 Total $2,330,000 Jameela Corporation completed the following transactions related to stockholders' equity in 2020. Feb 15 Directors declared a $1.5 per share cash dividend payable on March 31 to the Feb. 25 stockholders of record. March 01 Purchased 15,000 shares of its own common for $13 per share. March 31 Paid the cash dividend declared on Feb 15. July 10 Sold 5,000 of its treasury shares at $13 cash per share. Oct 25 Directors declared a 30% stock dividend when the market price is $15. Distributed stock dividends declared on Oct 25. Dec 01 Dec 15 The company implemented 2-for-1 stock split for its common stock. Closed the $200,000 credit balance in Income Summary account (from net income) Dec 31 EC NG MICS Required: LEARNING Prepare journal entries to record each of these transactions for 2020 ENTER
Question 3: Harton Corporation had the following balances in its stockholder's equity accounts at December 31, 2009: Common stock, $10 par value; 40,000 shares authorized, issued and outstanding. $400,000 200,000 Paid-in-capital in excess of par value, Common stock Retained Earnings 500,000 The following transactions were completed during 2010: Feb 14 Issued 10,000 shares of common stock exchange for equipment with a market value of $110.000. March 25 Issued 1,000 shares of common stock for $13 cash per share. May 10 Declared 30% stock dividends to the stockholders of record on May 20. The market value of stock on May 10 was $17 per share. June 1 Distributed the stock dividend declared on May 10. July 25 The board implemented a 2-forl stock split, when the market value of stock was $16 per share. Required: Prepare Journal entries to record above selected transactions.