Jungle Corporation's stockholders' equity section at December 31, 2017 appears below: On June 30, 2018, the board of directors of Kenner Corporation declared a 15% stock dividend, payable on July 31, 2018, to stockholders of record on July 15, 2018. The fair value of Kenner Corporation's stock on June 30, 2018, was $15.
On December 1, 2018, the board of directors declared a 2 for 1 stock split effective December 15, 2018. Jungle Corporation's stock was selling for $20 on December 1, 2018, before the stock split was declared. Par value of the stock was adjusted. Net income for 2018 was $190,000 and there were no cash dividends declared.
Instructions
(a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split.
(b) Fill in the amount that would appear in the stockholders' equity section for Jungle Corporation at December 31, 2018, for the following items:

Question

Jungle Corporation's stockholders' equity section at December 31, 2017 appears below:  On June 30, 2018, the board of directors of Kenner Corporation declared a 15% stock dividend, payable on July 31, 2018, to stockholders of record on July 15, 2018. The fair value of Kenner Corporation's stock on June 30, 2018, was $15.
On December 1, 2018, the board of directors declared a 2 for 1 stock split effective December 15, 2018. Jungle Corporation's stock was selling for $20 on December 1, 2018, before the stock split was declared. Par value of the stock was adjusted. Net income for 2018 was $190,000 and there were no cash dividends declared.
Instructions
(a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split.
(b) Fill in the amount that would appear in the stockholders' equity section for Jungle Corporation at December 31, 2018, for the following items:

Quizplus · Accepted Answer

The Answer of Jungle Corporation's stockholders' equity section at December 31, 2017 appears below:  On June 30, 2018, the board of directors of Kenner Corporation declared a 15% stock dividend, payable on July 31, 2018, to stockholders of record on July 15, 2018. The fair value of Kenner Corporation's stock on June 30, 2018, was $15.
On December 1, 2018, the board of directors declared a 2 for 1 stock split effective December 15, 2018. Jungle Corporation's stock was selling for $20 on December 1, 2018, before the stock split was declared. Par value of the stock was adjusted. Net income for 2018 was $190,000 and there were no cash dividends declared.
Instructions
(a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split.
(b) Fill in the amount that would appear in the stockholders' equity section for Jungle Corporation at December 31, 2018, for the following items:

Jungle Corporation's Stockholders' Equity Section at December 31, 2017 Appears