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ACC WEEK 5-PROBLEM P21-9A CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIt

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Question;P21-9ACASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Choi Company completed the following transactions:Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding.May 10 Paid the cash dividends.Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20.Nov. 20 Paid the cash dividends.22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share.Dec. 16 Issued certificates for common stock dividend.20 Board of directors declared a two-for-one common stock split.REQUIREDPrepare journal entries for the transactions.P21-11BCORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15.1. Prepare the journal entry for April 15.2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Regis?s actual income tax amounts to $112,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed

 

Paper#37756 | Written in 18-Jul-2015

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