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problem: Klein Corporation's stockholders' equity section at December 31, 2001 appears below: 

Stockholders' equity Paid-in capital, Common stock, $10 par, 50,000 outstanding $500,000

Paid-in capital in excess of par

150,000

Total paid-in capital

$650,000

Retained earnings

 150,000

Total stockholders\' equity  

$800,000

On June 30, 2002, the board of directors of Klein Corporation declared a 15% stock dividend, payable on July 31, 2002, to stockholders of record on July 15, 2002.  The fair market value of Klein Corporation's stock on June 30, 2002, was $12.

On December 1, 2002, the board of directors declared a 2 for 1 stock split effective December 15, 2002. Klein Corporation's stock was selling for $20 on December 1, 2002, before the stock split was declared. Par price of the stock was adjusted. Net income for 2002 was $240,000 & there were no cash dividends announced.

INSTRUCTIONS

Make journal entries on the appropriate dates to record the stock dividend and the stock split.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922040

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