On September 1, Ziegler Corporation
On September 1, Ziegler Corporation had 69,000 shares of $5 par value common stock, and $207,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is:
Debit Retained Earnings $1,035,000; credit Common Stock $1,035,000.
No entry is made for this transaction.
Debit Retained Earnings $1,035,000; credit Common Stock Split Distributable $1,035,000.
Debit Retained Earnings $345,000; credit Common Stock $345,000.
Debit Retained Earnings $345,000; credit Stock Split Payable $345,000.
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Posted 11 May 2017 08:05 AM
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