On September 1,Ziegler Corporation had 62.000 shares of $5 par value common stoc

Question

On September 1,Ziegler Corporation had 62.000 shares of $5 par value common stock, and $186,000 of retained earnings On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is 0/5 points awarded Multiple Choice Scored Debit Resained Earnings $930,000, credit Common Stock Split Distributable $930,000 Debit Retained Earnings $930,000, credit Common Stock $930,000 Debit Retained Earnings $310,000, credit Common Stock $310,000 Debt Retained Earnings $310.000. credit Stock Spit Payable $310000 No entry is made for this transection Type here to search DOLL

Explanation / Answer

Option "5" is correct that says, "No entry is made for this transaction".

Reason- Company is increasing Par value of share and decreasing the number of shares by doing stock split.

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