I need help ASAP. MY HOMEWORK IS DUE IN A FEW HOURS. THANK YOU :) Exercise 15-14

Question

I need help ASAP. MY HOMEWORK IS DUE IN A FEW HOURS. THANK YOU :)

Exercise 15-14 The stockholders' equity accounts of Metlock Company have the following balances on December 31, 2017 Common stock, $10 par, 326,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $3,260,000 1,110,000 5,930,000 Shares of Metlock Company stock are currently selling on the Midwest Stock Exchange at $36 Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) A stock dividend of 6% is (1) declared and (2) issued. (b) A stock dividend of 100% is (1) declared and (2) issued. (c) A 2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation Debit Credit

Explanation / Answer

a1 Retained Earnings 704160 =326000*6%*36         Common Stock Dividend Distributable 195600 =326000*6%*10         Paid-in Capital in Excess of Par-common 508560 a2 Common Stock Dividend Distributable 195600         Common stock 195600 b1 Retained Earnings 3260000 =326000*10         Common Stock Dividend Distributable 3260000 b2 Common Stock Dividend Distributable 3260000         Common stock 3260000 c1 No entry c2 No entry

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