On January 1, 2017, Frontier Corporation had $1,270,000 of common stock outstand

Question

On January 1, 2017, Frontier Corporation had $1,270,000 of common stock outstanding that was issued at par. It also had retained earnings of $749,000. stock at par on July 1 and earned net income of $390,000 for the year The company issued 43,500 shares of common Journalize the declaration of a 14% stock dividend on December 10, 2017, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) Par value is $10, and market price is $19. Par value is $5, and market price is $20. No. Account Titles and Explanation Credit

Explanation / Answer

DR CR a Stock Dividends =+(127000+43500)*0.14*19 453530 Common Stock Dividend Distributable (1270000+43500*10)*0.14 238700 Paid in capital in Excess of Par 214830 DR CR Stock Dividends =+(1270000/5+43500)*0.14*20 833000 b Common Stock Dividend Distributable (1270000+43500*5)*0.14 208250 Paid in capital in Excess of Par 624750

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---