150. Levitt, Inc., had issued and outstanding 150,000 shares of $8 par value common stock at January 1, 2011 with a retained earnings balance of $750,000. Levitt issued a 12% stock dividend to its common shareholders. At the time of the dividend the market value of the stock was $17 per share.
Required: a) What is the total dollar amount of the stock dividend?
b) Prepare the entry to record the stock dividend.
c) How many shares are outstanding after the stock dividend?
151. Whelan Corporation has 70,000 shares of $17 par value common stock issued and outstanding. If Whelan Corporation issued a 2-for-1 stock split, what dollar amount would be shown for common stock on the balance sheet after the stock split?
152. Gallagher Corporation had 10,000 shares of $10 par common stock outstanding on January 1, 2011. On June 1, 2011 Gallagher purchased 2,000 shares of its own stock on the open market for $20 per share and held it as treasury stock. On October 1, 2011 Gallagher declared and issued a 10% stock dividend. The fair market value of Gallagher's stock was $20 per share on October 1. Gallagher's board of directors declared and paid a cash dividend of $19,800 on December 15, 2011.
a) Prepare the journal entry for the treasury stock purchase.
b) Prepare the journal entry for the stock dividend.
c) Prepare the journal entry for the cash dividend.
d) What was the per-share cash dividend paid on December 15?