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A corporation reported the following amounts on its balance sheet at December 1, 2019: 
During December of 2019, the following transactions occurred:
December 5
Declared and paid a 20% preferred stock dividend when the market price of the preferred stock was $12 per share.
December 21
Distributed a 2-for-1 stock split of the common stock when the market price of the common stock was $10 per share.
A)What journal entries are required to record these stock transactions?
B)How many preferred shares are outstanding at December 31, 2019?
C)How many common shares are outstanding at December 31, 2019?
D)What effect did the stock dividend have on the par value of the preferred stock?
E)What effect did the stock split have on the par value of the common stock?
Correct Answer:
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Correct Answer:
Verified
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