In: Accounting
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued | 250,000 |
Paid-in capital—excess of par, common | 500,000 |
Paid-in capital—excess of par, preferred | 100,000 |
Preferred stock, $100 par, 10,000 shares outstanding | 1,000,000 |
Retained earnings | 2,000,000 |
Treasury stock, at cost, 5,000 shares | 25,000 |
During 2016, Gerlach Inc. had several transactions relating to common stock.
January 15: | Declared a property dividend of
100,000 shares of Slowdown Company (book value $10 per share, market value $9 per share). |
February 17: | Distributed the property dividend. |
April 10: | A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. |
July 18: | Declared and distributed a 3% stock dividend on outstanding common stock; market value per share, $5. |
December 1: | Declared a 50 cents per share cash dividend on the outstanding common shares. |
December 20: | Paid the cash dividend. |
Required:
Record the above transactions and events in journal entry format.
Please show work.