The following information is available for Norman Corporation for the year ended December 31, 2014: sales revenue $838,900, other revenues and gains $89,800, operating expenses $104,200, cost of goods sold $466,800, other expenses and losses $33,700, preferred stock dividends $29,000. The company's tax rate was 21%, and it had 48,180 shares outstanding during the entire year.
Prepare a corporate income statement.(List other revenues before other expenses.)
1) Langley Corporation has 58,600 shares of $12 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $19. The dividend shares are issued on December 31.
Prepare the entries for the declaration and payment of the stock dividend.(Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2) On January 1, 2014, Frontier Corporation had $1,025,000 of common stock outstanding that was issued at par. It also had retained earnings of $745,800. The company issued 41,700 shares of common stock at par on July 1 and earned net income of $409,700 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2014, for the following independent assumptions.(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.
(a) Par value is $10, and market value is $18.
(b) Par value is $5, and market value is $22