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Advanced Life Co. is an HMO for businesses in the Portland area.The following account balances appear on the balance sheet ofAdvanced Life Co.: Common stock (800,000 shares authorized; 470,000shares issued), $5 par, $2,350,000; Paid-in capital in excess ofpar—common stock, $1,000,000; and Retained earnings, $33,045,000.The board of directors declared a 1% stock dividend when the marketprice of the stock was $13 a share. Advanced Life Co. reported noincome or loss for the current year.
Required:
A.
Journalize the entries to record (1) the declaration of thedividend on December 1, capitalizing an amount equal to marketvalue, and (2) the issuance of the stock certificates on December31. Refer to the Chart of Accounts for exact wording of accounttitles.
B.
Determine the following amounts before the stock dividend wasdeclared: (1) total paid-in capital, (2) total retained earnings,and (3) total stockholders’ equity.
C.
Determine the following amounts after the stock dividend wasdeclared and closing entries were recorded at the end of the year:(1) total paid-in capital, (2) total retained earnings, and (3)total stockholders’ equity.
Journal
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A. Journalize the entries to record (1) the declaration of thedividend on December 1, capitalizing an amount equal to marketvalue, and (2) the issuance of the stock certificates on December31. Refer to the Chart of Accounts for exact wording of accounttitles.
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PAGE 10
JOURNAL
Score: 56/63
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
4
5
Points:
10.67 / 12
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Recall that a stock dividend affects only stockholders’equity.
Final Questions
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B. Determine the following amounts before the stock dividend wasdeclared: (1) total paid-in capital, (2) total retained earnings,and (3) total stockholders’ equity.
Total paid-in capital
Total retained earnings
Total stockholders’ equity
Points:
0 / 3
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Identify the balances of all the equity accounts before thestock dividend. What affect does a stock dividend have on theequity accounts? What account(s) would increase and what account(s)would decrease?
C. Determine the following amounts after the stock dividend wasdeclared and closing entries were recorded at the end of the year:(1) total paid-in capital, (2) total retained earnings, and (3)total stockholders’ equity.
Total paid-in capital
Total retained earnings
Total stockholders’ equity
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