Current Attempt in ProgressOn December 31, 2024, Oriole Corporation's common shares were trading for $42, and the company had the following shareholder'sequity accounts:Common Shares (no par value, unlimited authorized,300,000 issued, and outstanding)Contributed Surplus-Common SharesRetained earnings(a)Prepare the journal entries for the following independent transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. Record journal entries in the order presented in the problem.)(b)(c)No.(a)(b)(c)$6,600,0001,208,00019,310,000A stock dividend of 5% is declared at their fair value on January 1, 2025 and issued on January 31 to the shareholders ofrecord on January 15. The common shares were trading for $42 on January 1, 2025.DateA stock dividend of 100% is declared at their fair value on January 1, 2025 and issued on January 31 to the shareholders ofrecord on January 15. The common shares were trading for $42 on January 1, 2025.A 3-for-1 stock split is declared on January 1, 2025 and issued on January 31 to the shareholders of record on January 15.Account Titles and ExplanationDebitCr

Dividend refers to the income earned on investment made in stock in a company. The dividend can be…

Answered: On December 31, 2024, Oriole…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 9P

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The following data were taken from the balance sheet accounts of Wildhorse Corporation on December 31, 2024. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings a. b. C. $513,000 605,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) 501,000 Date 144,000 910,000 A 6% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $40. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a book value of $104,000 and a fair…
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