Reference no: EM131107055
1. Earn Hart Corporation has outstanding 3,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2010, was $24,000,000, and it then had Additional Paid-in Capital of $5,000,000. During 2010, the company's net income was $4,700,000. A cash dividend of $0.60 a share was declared on May 5, 2010, and was paid June 30, 2010, and a 6% stock dividend was declared on November 30, 2010, and distributed to stockholders of record at the close of business on December 31, 2010. You have been asked to advice on the proper accounting treatment of the stock dividend. The existing stock of the company is quoted on a national stock exchange. The market price of the stock has been as follows.
October 31, 2010 $31
November 30, 2010 $34
December 31, 2010 $38
(a) Prepare the journal entry to record the declaration and payment of the cash dividend.
(b) Prepare the journal entry to record the declaration and distribution of the stock dividend.
(c) Prepare the stockholders' equity section (including schedules of retained earnings and additional paid-in capital) of the balance sheet of Earn hart Corporation for the year 2010 on the basis of the foregoing information, draft a note to the financial statements setting forth the basis of the accounting for the stock dividend, and add separately appropriate comments or explanations regarding the basis chosen.
|
Atoms of the elements
: What are the atoms of the elements which have same number of neutrons called?
|
|
Identify potential variables to include in data gathering
: Identify potential variables to include in data gathering related to a survey topic. Explain why a specific population is appropriate for a study. Competency 4: Solve problems in your personal and professional life by applying statistical procedures.
|
|
Computer simulations to investigate the som algorithm
: Compute the map produced by the SOM algorithm after 0, 20, 100, 1,000, 10,000, and 25,000 iterations.
|
|
The rows of a markov chain transition matrix
: The rows of a Markov chain transition matrix sum to one. A matrix is called doubly stochastic if its columns also sum to one. If a Markov chain has a doubly stochastic transition matrix, show that its stationary distribution is uniform.
|
|
Prepare the journal entry to record the declaration
: Earn Hart Corporation has outstanding 3,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2010, was $24,000,000, and it then had Additional Paid-in Capital of $5,000,000.
|
|
Definition of the laplace transforms
: Either directly from the definition of the Laplace transforms or by using the tables of the Elementary Laplace Transforms and General Properties of Laplace Transforms determine the Laplace transforms of the following functions.
|
|
Solution of glucose
: Acids, bases, and salts are called electrolytes because theydissociate into ions in water. Solutions of electrolytes conductelectricity because of the presence of ions
|
|
Why did a two party system develop in the us
: Why did a two party system develop in the U.S.? What are the benefits from such a system? What are the problems? What was the significance of Andrew Jackson's election to the presidency of the U.S.?
|
|
Find the limiting distribution for simple random walk
: The lollipop graph on 2k - 1 vertices is defined as follows: a complete graph on k vertices is joined with a path on k vertices by identifying one of the endpoints of the path with one of the vertices of the complete graph (see Fig 10.14).
|