Question & Answer: The stockholders' equity section of Stuffgoose Corporation's balance sheet as of December 31, 2017 is as follows: Stockholders…..

The stockholders’ equity section of Stuffgoose Corporation’s balance sheet as of December 31, 2017 is as follows: Stockholders’ Equity Common stock, $6 par value; authorized, 3,000,000 shares; issued, 600,000 shares $3,600,000 Paid-in capital in excess of par 940,000 Retained earnings 5,400,000 $9,940,000 The following events occurred during 2018:

1. Jan. 5 45,000 shares of authorized and unissued common stock were sold for $13 per share.

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2. Jan. 16 Declared a cash dividend of 17 cents per share, payable February 15 to stock-holders of record on February 5.

3. Feb. 10 60,000 shares of authorized and unissued common stock were sold for $12 per share.

4. March 1 A 30% stock dividend was declared and issued. Fair value per share is currently $18.

5. April 1 A three-for-one split was carried out. Fair value on March 31 was $18 per share.

6. July 1 A 15% stock dividend was declared and issued. Fair value is currently $10 per share.

7. Aug. 1 A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21.

Expert Answer

 

Journal Entry
Date Particulars Dr. Amt. Cr. Amt
5-Jan Cash                                                        Dr.          585,000 45,000 Shares X $13
   To Common Stock          270,000 45,000 Shares X $6
   To Paid in capital in excess of par          315,000 45,000 Shares X $7
16-Jan Retained Earnings                            Dr.          109,650 645,000 Shares X $0.17
   To Cash Dividends          109,650
10-Feb Cash                                                        Dr.          720,000 60,000 Shares X $12
   To Common Stock          360,000 60,000 Shares X $6
   To Paid in capital in excess of par          360,000 60,000 Shares X $6
15-Feb Cash Dividends                                  Dr.          109,650
To Cash          109,650
1-Mar Retained Earnings                            Dr.      3,807,000 705,000 Shares X 30% $18
   To Common Stock      1,269,000 705,000 Shares X 30% $6
   To Paid in capital in excess of par      2,538,000 705,000 Shares X 30% $12
1-Apr No Entry.
Only Memo to be issued
1-Jul Retained Earnings                            Dr.      1,374,750 916,500 Shares X 15% X $10
   To Common Stock          274,950 916,500 Shares X 15% X $2
   To Paid in capital in excess of par      1,099,800 916,500 Shares X 15% X $8
1-Aug Retained Earnings                            Dr.          210,795 1,053,975 Shares X $0.20
   To Cash Dividends          210,795
1-Sep Cash Dividends                                  Dr.          210,795
To Cash          210,795

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