Question Details

journal entries on the appropriate dates



Jungle Corporation's stockholders' equity section at December 31, 2012 appears below:
	Stockholders' equity
		Paid-in capital
			Common stock, $10 par, 60,000 outstanding	$600,000
			Paid-in capital in excess of par	  150,000
				Total paid-in capital		$750,000
		Retained earnings		  150,000
	Total stockholders' equity		$900,000

On June 30, 2013, the board of directors of Kenner Corporation declared a 20% stock dividend, payable on July 31, 2013, to stockholders of record on July 15, 2013. The fair value of Kenner Corporation's stock on June 30, 2013, was $15.
On December 1, 2013, the board of directors declared a 2 for 1 stock split effective December 15, 2013. Jungle Corporation's stock was selling for $20 on December 1, 2013, before the stock split was declared. Par value of the stock was adjusted. Net income for 2013 was $190,000 and there were no cash dividends declared.

Instructions
(a)	Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split.
(b)	Fill in the amount that would appear in the stockholders' equity section for Jungle Corporation at December 31, 2013, for the following items:
	1.	Common stock	$____________
	2.	Number of shares outstanding	_____________
	3.	Par value per share	$____________
	4.	Paid-in capital in excess of par	$____________
	5.	Retained earnings	$____________
	6.	Total stockholders' equity	$____________





Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help