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Q8. The following account balances appear on the balance sheet of Oslo Industries: Common Stock (300,000...

Q8. The following account balances appear on the balance sheet of Oslo Industries: Common Stock (300,000 shares authorized, $100 par) $10,000,000 Paid-In Capital in Excess of Par—Common Stock 2,000,000 Retained Earnings 45,000,000 The board of directors declared a 2% stock dividend when the market price of the stock was $135 per share. Required (1) Journalize the entries to record (a) Declaration of the dividend, capitalizing an amount equal to market value (b) Issuance of the stock certificates (2) Determine the following amounts before the stock dividend was declared: (a) Total paid-in capital (b) Total retained earnings (c) Total stockholders’ equity (3) Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (a) Total paid-in capital (b) Total retained earnings (c) Total stockholders’ equity

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ekkarill92 answered 2 years ago
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