Kenner Corporation's equity section at December 31, 2013 appears below: On June 30, 2014, the board of directors of Kenner Corporation declared a 15% share dividend, payable on July 31, 2014, to shareholders of record on July 15, 2014. The fair value of Kenner Corporation's shares on June 30, 2014, were $15.
On December 1, 2014, the board of directors declared a 2 for 1 share split effective December 15, 2014. Kenner Corporation's shares were selling for $20 on December 1, 2014, before the share split was declared. The par value of the shares was adjusted. Net income for 2014 was $190,000 and there were no cash dividends declared.
Instructions
(a) Prepare the journal entries on the appropriate dates to record the share dividend and the share split.
(b) Fill in the amount that would appear in the equity section for Kenner Corporation at December 31, 2014, for the following items:

Question

Kenner Corporation's equity section at December 31, 2013 appears below:  On June 30, 2014, the board of directors of Kenner Corporation declared a 15% share dividend, payable on July 31, 2014, to shareholders of record on July 15, 2014. The fair value of Kenner Corporation's shares on June 30, 2014, were $15.
On December 1, 2014, the board of directors declared a 2 for 1 share split effective December 15, 2014. Kenner Corporation's shares were selling for $20 on December 1, 2014, before the share split was declared. The par value of the shares was adjusted. Net income for 2014 was $190,000 and there were no cash dividends declared.
Instructions
(a) Prepare the journal entries on the appropriate dates to record the share dividend and the share split.
(b) Fill in the amount that would appear in the equity section for Kenner Corporation at December 31, 2014, for the following items:

Quizplus · Accepted Answer

The Answer of Kenner Corporation's equity section at December 31, 2013 appears below:  On June 30, 2014, the board of directors of Kenner Corporation declared a 15% share dividend, payable on July 31, 2014, to shareholders of record on July 15, 2014. The fair value of Kenner Corporation's shares on June 30, 2014, were $15.
On December 1, 2014, the board of directors declared a 2 for 1 share split effective December 15, 2014. Kenner Corporation's shares were selling for $20 on December 1, 2014, before the share split was declared. The par value of the shares was adjusted. Net income for 2014 was $190,000 and there were no cash dividends declared.
Instructions
(a) Prepare the journal entries on the appropriate dates to record the share dividend and the share split.
(b) Fill in the amount that would appear in the equity section for Kenner Corporation at December 31, 2014, for the following items:

Kenner Corporation's Equity Section at December 31, 2013 Appears Below