The following account balances appear on the balance sheet of Osgood Industries: Common Stock (300,000 shares authorized, $100 par): $10,000,000 Paid-In Capital in Excess of Par—Common Stock:...

The following account balances appear on the balance sheet of Osgood 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 a share.

Required:

1.Journalize the following entries:

a. Record the declaration of the dividend, capitalizing an amount equal to market value. If an amount box does not require an entry, leave it blank or enter "0".

b. Record the issuance of the stock certificates.<br>2. Determine the following amounts before the stock dividend was declared:<br>a. Total paid-in capital<br>b. Total retained earnings<br>c. Total stockholders' equity<br>3. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year:<br>a. Total paid-in capital<br>b. Total retained earnings<br>c. Total stockholders' equity<br>

Extracted text: b. Record the 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

Jun 02, 2022

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The following account balances appear on the balance sheet of Osgood Industries: Common Stock (300,000 shares authorized, $100 par): $10,000,000 Paid-In Capital in Excess of Par—Common Stock:...

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