The following data were taken from the balance sheet account…
The following data were taken from the balance sheet accounts of ABC Company on December 31, 2024. Current assets $8,000,000 Debt investments (trading) 624,000 Common stock, $10 par, 500,000 shares issued and outstanding 5,000,000 Paid-in capital in excess of par – Common 1,200,000 Retained earnings 5,600,000 Shares of ABC Company stock are currently selling for $35. Required: Prepare the appropriate journal entries on the date of declaration only for each of the following: A stock dividend of 10% is declared. A stock dividend of 100% is declared. A 2-for-1 stock split is declared. A property dividend of bonds held as an investment with a book value of $100,000 and a fair value of $135,000 is declared.