3. Ignoring parts 1&2, On January 1, 2022, Dunder Mifflin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of shares authorized, 60,000 issued) Contributed surplus Retained earnings On February 1 the company declared a 3 for 1 stock split to common shareholders. The stock's market price was $100.00. February 15th is the date of record and March 1st is the date of payment. On February 15th the stock's market price was $100.00 and on March 1st the stock's market price was $25.00. Calculate the balance in number of common shares, dollars of common shares, dollars of contributed surplus and dollars of retained earnings after the above transaction at March 1st, 2022. Number of common shares Common shares Contributed surplus Retained earnings January 1, 2022 60,000 $600,000 $600,000 $30,000 $1,200,000 $30,000 $1,200,000 March 1, 2022

3. Ignoring parts 1&2, On January 1, 2022, Dunder Mifflin Corp, a publicly traded company, had these shareholders' equity accounts: Common shares (Unlimited number of shares authorized, 60,000 issued) Contributed surplus Retained earnings On February 1 the company declared a 3 for 1 stock split to common shareholders. The stock's market price was $100.00. February 15th is the date of record and March 1st is the date of payment. On February 15th the stock's market price was $100.00 and on March 1st the stock's market price was $25.00. Calculate the balance in number of common shares, dollars of common shares, dollars of contributed surplus and dollars of retained earnings after the above transaction at March 1st, 2022. Number of common shares Common shares Contributed surplus Retained earnings January 1, 2022 60,000 $600,000 $600,000 $30,000 $1,200,000 $30,000 $1,200,000 March 1, 2022

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 4MC: Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys...

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Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.
Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?
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