Ch 13 ip p2 hemingway corporation has 100000 shares

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Ch 13 IP P2Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At themeeting of the board of directors on December 1, 2015, the board voted to declare a cashdividend of $5 per share to be paid on December 31, 2015, to shareholders of record as ofDecember 16, 2015. Complete the necessary journal entry for the declaration of the dividend byselecting the account names and dollar amounts from the drop-down menus.
Common Dividend Payable500,000Explanation:$5×100,000shares=500,000Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At themeeting of the board of directors on December 1, 2015, the board voted to declare a cashdividend of $5 per share to be paid on December 31, 2015, to shareholders of record as ofDecember 16, 2015. Complete the necessary journal entry for the payment of the dividend byselecting the account names and dollar amounts from the drop-down menus.
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. OnDecember 31, 2015, the company's board of directors declares a 20 percent stock dividend. Thisstock dividend will be distributed on January 20, 2016 to the stockholders of record on January15, 2016. The market price of the company's stock is $10 per share on December 31, 2015.Complete the necessary journal entry to record the declaration of the stock dividend by selectingthe account names and dollar amounts from the drop-down menus. If there are multiple debits ormultiple credits, enter the account titles in alphabetical order.Feb. 20Retained Earnings200,000Common Stock, Dividend Distribution40,000Paid-In Capital per excess Value160,000
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. OnDecember 31, 2015, the company's board of directors declares a 20 percent stock dividend. Thisstock dividend will be distributed on January 20, 2016 to the stockholders of record on January15, 2016. The market price of the company's stock is $10 per share on December 31, 2015.Complete the necessary journal entry to record the distribution of the stock dividend by selectingthe account names and dollar amounts from the drop-down menus.Appaloosa Corporation had 100,000 shares of $2 par value common stock
outstanding. On December 31, 2015, the company's board of directors

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Term
Fall
Professor
Margaret L. Shelton
Tags
Accounting, Corporate Finance, Chapter 13, LS, Accounts, Dividend, Connect, McGraw Hill, Shares authorized

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