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What is the total number of common shares issued

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Reference no: EM132503522

The following equity balances were reported for HariMahesh Inc. on December 31, 1999:

Common shares, 60,000 shares issued $1,480,000

Retained earnings 225 600

Total equity $ 1 705 600

  • On January 19, 2000 the board of directors declared a 5% stock dividend to the shareholders of record on February 03 to be distributed on February 19. The market price of the shares on January 19 was $6.00. On July 9 , 2000 the board of directors declared a 2:1 stock split.

Required:

Question a. Prepare the journal entries required for the above transactions.

Question b. What is the total number of common shares issued and outstanding at December 31, 2000? (Show your calculations)

Reference no: EM132503522

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