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On June 30, 2008, Sharper Corporation's common stock is priced at $28.5 per share before any stock dividend or split, and the stockholders' equity section of its balance sheet appears as follows:
Commonstock-$8 par value, 70,000 shares authorized, 28,000 sharesissued and outstanding
$
224,000
Paid-in capital inexcess of par value, common stock
100,000
Retainedearnings
324,000
Total stockholders'equity
648,000
Assume that the company declares and immediately distributes a 100%stock dividend. This event is recorded by capitalizing retainedearnings equal to the stock's par value. Answer these questionsabout stockholders' equity as itexists after issuing the newshares
Find the retained earnings balance and the total stockholders equity? and also the shares outstanding.
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In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up's Ending inventory balance at the end of 2010 is $25,000. Prepare the journal entries for 2009 and 2010 to eliminate and adjust for the intercompany transaction.
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