Question 1: On January 1,2012, the stockholders equity section of the balance sheet of Ford Corporation appears as follo

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Question 1 On January 1 2012 The Stockholders Equity Section Of The Balance Sheet Of Ford Corporation Appears As Follo 1 (39.24 KiB) Viewed 60 times

Question 1: On January 1,2012, the stockholders equity section of the balance sheet of Ford Corporation appears as follows: Stockholder's equity : $1,000,000 Common stock, $10 par value; 400,000 shares authorized, 100,000 shares issued and outstanding. Retained Earnings 500.000 1.500,000 Total stockholde's equity On July 1,2012 the company issued 40,000 shares of common stock at $15 per share. On December 15, 2012 the board of directors declared a 10% stock dividends. The market value of Ford Corporation stock was $14 per share on December 15, 2012 and $16 per share on January 15, 2013. -Net income for 2012 was $300,000. Required: Journalize the following: (1) The issuance of stock on July 1, 2012. (2) The declaration of the stock dividend on December 15, 2012.