Chapter (2)

A. Brief Exercises

1. Fields Corporation has 80,000 ordinary shares outstanding. It declares a €2 per share cash
dividend on November 1 to shareholders of record on December 1. The dividend is paid on
December 31. Prepare the entries on the appropriate dates to record the declaration and
payment of the cash dividend.

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2. Valiant Corporation has 56,000 $10 par value ordinary shares outstanding. It declares a
10% share dividend on December 1 when the market price per share is $16. The dividend
shares are issued on December 31. Prepare the entries for the declaration and payment of
the share dividend.

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3. For the year ending December 31, 2014, Abbott Inc. reports net income $140,000 and
dividends $55,000. Prepare the retained earnings statement for the year assuming the
balance in retained earnings on January 1, 2014, was $220,000.

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Garcia Corporation has the following accounts at December 31: Share Capital— Ordinary,
€10 par, 5,000 shares issued, €50,000; Share Premium—Ordinary €32,000; Retained Earnings
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€45,000; and Treasury Shares, 500 shares, €9,000. Prepare the equity section of the
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statement of financial position.
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5. The statement of financial position for Lauren Inc. shows the following: total equity
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$817,000, ordinary shares issued 44,000 shares, and ordinary shares outstanding 38,000
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shares. Compute the book value per share. (No preference shares are outstanding.)

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 6. Wilco Corporation has the following equity balances at December 31, 2015.

Prepare Wilco’s December 31, 2015, equity section in the statement of financial position.

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Silva Inc. owns shares of Costa Corporation classified as a trading equity investment. At
December 31, 2015, the trading equity investment was carried in Silva’s accounting records
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at its cost of R$875,000, which equals its fair value. On September 21, 2016, when the fair
value of the investment was R$1,200,000, Silva declared a property dividend whereby the
Costa securities are to be distributed on October 23, 2016, to shareholders of record on
October 8, 2016. Prepare all journal entries necessary on those three dates.

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8. Zhang Mining Company declared, on April 20, a dividend of ¥500,000,000 payable on June
1. Of this amount, ¥125,000,000 is a return of capital. Prepare the April 20 and June 1 entries
for Zhang.

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Green Day Corporation has outstanding 400,000 shares of $10 par value ordinary shares.
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The corporation declares a 5% share dividend when the fair value is $65 per share. Prepare
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the journal entries for Green Day Corporation for both the date of declaration and the date
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distribution
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10. Use the information from Example (9) but assume Green Day Corporation declared a
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100% share dividend rather than a 5% share dividend. Prepare the journal entries for both
the date of declaration and the date of distribution.
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11. On November 27, the board of directors of Henderson Company declared a $.30 per share
dividend. The dividend is payable to shareholders of record on December 7 on December 24.
Henderson has 25,500 ordinary shares with a $1 par outstanding at November 27. Journalize
the entries needed on the declaration and payment dates.

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12. On October 10, the board of directors of Pitcher Corporation declared a 15% share
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dividend. On October 10, the company had 10,000 ordinary shares with a $1 par issued and
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outstanding with a market price of $15 per share. The share dividend will be distributed on
October 31 to shareholders of record on October 25. Journalize the entries needed for the
declaration and distribution of the share dividend.

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The balance in retained earnings on January 1, 2020, for Blakely Inc., was $650,000.
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During the year, the corporation paid cash dividends of $70,000 and distributed a share
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dividend of $20,000. Net income for 2020 was $110,000.
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Prepare the retained earnings statement for 2020.
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 B. Exercises

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C. Problems

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