Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area….

Entries for Stock Dividends
Healthy Life Co. is an HMO for businesses in the Fresno area.
The following account balances appear on Healthy Lifes balance
sheet: Common stock (210,000 shares authorized ; 5,000 shares
issued), $25 par, $125,000; Paid-In Capital in excess of parcommon
stock, $15,000; and Retained earnings, $1,375,000. The board of
directors declared a 1% stock dividend when the market price of the
stock was $32 a share. Healthy Life reported no income or loss for
the current year.
If no entry is required, select “No entry required” and leave
the amount boxes blank. If an amount box does not require an entry,
leave it blank.
a1. Journalize the entry to record the
declaration of the dividend, capitalizing an amount equal to market
value.

Stock Dividends

a2. Journalize the entry to record the issuance
of the stock certificates.

b. Determine the following amounts before the
stock dividend was declared: (1) total paid-in capital, (2) total
retained earnings, and (3) total stockholders’ equity.

Total paid-in capital
$

Total retained earnings
$

Total stockholders’ equity
$

c. Determine the following amounts after the
stock dividend was declared 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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