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Stock Split and Stock Dividend
The common stock of Warner Inc. is currently selling at $115 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $8; book value is $74 per share, 5.83 million shares are issued and outstanding.Prepare the necessary journal entries assuming the following. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.
a. The board votes a 2-for-1 stock split.
b. The board votes a 100% stock dividend.
Berkshire Inc. uses a periodic inventory system. At the end of 2012, it missed counting some inventory items, resulting in an inventory understatement by $600,000. Assume that Berkshire has a 30% income tax rate and that this was the only erro..
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