Green Day Corporation has outstanding 416,700 shares of $10 par value common sto

Green Day Corporation has outstanding 416,700 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $68 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Brief Exercise 15-2 Correct answer. Your answer is correct. Swarten Corporation issued 720 shares of no-par common stock for $10,380. Prepare Swarten- journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $4 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Exercise 15-21 Correct answer. Your answer is correct. The outstanding capital stock of Edna Millay Corporation consists of 2,300 shares of $103 par value, 5% preferred, and 5,300 shares of $54 par value common. Assuming that the company has retained earnings of $110,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $Entry field with correct answer $Entry field with correct answer (b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $Entry field with correct answer $Entry field with correct answer (c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Complete these exercises: BE15-2 BE 15-13 Exercise 15-21