Problem: Friedberg Corporation's shareholders' equity section at December 31, 2011 appears below:
Shareholders' equity
Common shares, no par value, 60,000 shares issued $750,000
Retained earnings 150,000
Total shareholders' equity $900,000
On June 30, 2012, the board of directors of Friedberg Corporation declared a 10% stock dividend, payable on July 31, 2012, to shareholders of record on July 15, 2012. The fair market value of Friedberg Corporation's shares on June 30, 2012, was $15 per share.
On December 1, 2012, the board of directors declared a 2-for-1 stock split effective December 15, 2012. Friedberg Corporation's shares were selling for $20 on December 1, 2012, before the stock split was declared. Net income for 2012 was $190,000 and there were no cash dividends declared.
Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split.
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