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Question
On January 1, 2012, the Black Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,000,000. The company issued 120,000 shares of common stock at $15 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2012, payable on January 15, 2013. The market value of Black Corporation stock was $17 per share on December 15 and $16 per share on December 31. Net income for 2012 was $500,000.
Instructions
(1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15.
(2) Prepare the stockholders’ equity section of the balance sheet for Black Corporation at December 31, 2012.
Answer
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