Prepare the required journal entries for unrelated items

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Reference no: EM1393866

The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2007.Current Assets $540,000Investments $624,000Common Stock (par value $10) $500,000Paid in Capital in excess of par $150,000Retained Earnings $840,000

Instructions- Prepare the required journal entries for the following unrelated items.

a.) A 5% stock dividend is declared and distributed at a time when the market value of the shares is $39 per share.

b.) The par value of the capital stock is reduced to $2 with a 5-for-1 stock split.c.) A dividend is declared January 5, 2008, and paid January 25, 2008 in bonds held as an investment. The bonds have a book value of $100,000 and a fair market value of $135,000

Reference no: EM1393866

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