Exercise 240 On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common...

Exercise 240 On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,150,000. The company issued 146,000 shares of common stock at $16 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Oriole Company stock was $17 per share on December 15 and $17 per share on December 31. Net income for 2020 was $580,000. Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Prepare the stockholders' equity section of the balance sheet for Oriole Company at December 31, 2020. ORIOLE COMPANY Balance Sheet (Partial) December 31, 2020 select an opening section name select an opening section name select an opening section name select an opening section name $enter a dollar amount select an opening section name enter a dollar amount select an opening section name enter a subtotal of the two previous amounts select an opening section name enter a dollar amount select an opening section name enter a total amount for this subsection select an opening section name enter a dollar amount select an opening section name $enter a total amount for this section Need this part please. Prepare the stockholders' equity section of the balance sheet for Oriole Company at December 31, 2020.

Solutions

Expert Solution

Date	General Journal	Debit	Credit
Jul-01	Cash (146,000 shares *$16 )	$2,336,000
	Common Stock (146,000 shares *$ 10)		$ 1,460,000
	Paid in Capital in excess of par- Common (146,000 shares*$6)		$ 876,000
	(To record issue of common shares 146,000 shares @ 16 Per Share )
Dec-15	Retained Earnings {(299,000+146,000)shares10%$17 Per share }	$ 756,500
	Common stock stock (44,500 shares *$10 )		$ 445,000
	Paid in Capital in excess of par- Common (44,500 shares*$7)		$ 311,500
	(To record declaration of 10% Stock Dividend on Common shares outstanding)

ORIOLE COMPANY
Balance Sheet (Partial )
December 31,2020
Stockholders' Equity :
Paid in Capital :
Common stock -$ 10 Par ($2,990,000 +$1,460,000 + $445,000 )	$ 4,895,000
Paid in Capital in excess of par-Common ($876,000 + $311,500 )	$ 1,187,500
Total Paid in Capital		$ 6,082,500
Retained Earnings {($1,150,000 -$756,500(Declared)+$580,000(Net Income )}		$ 973,500
Total Stockholders' Equity		$ 7,056,000

ekkarill92 answered 1 year ago

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