Reference no: EM131222907

Lotoya Davis Corporation has 10.95 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 73 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings (b) How would the entry differ if the dividend were a liquidating dividend? 2.The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December 31, 2014. Common stock, $10 par, 235,000 shares issued and outstanding $2,350,000 Paid-in capital in excess of par—common stock 1,263,000 Retained earnings 5,665,000 Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $37. Prepare the appropriate journal entries for each of the following cases. 3.he following information has been taken from the ledger accounts of Isaac Stern Corporation. Total income since incorporation $326,300 Total cash dividends paid 70,300 Total value of stock dividends distributed 45,900 Gains on treasury stock transactions 18,290 Unamortized discount on bonds payable 32,720 Determine the current balance of retained earnings. (a) A stock dividend of 7% 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. 4.Green Day Corporation has outstanding 415,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $74 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution 5.Green Day Corporation has outstanding 410,700 shares of $9 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $65 per share. Prepare the journal entries for both the date of declaration and the date of distribution.