The stockholders’ equity accounts of Palmetto Company have the following balances on December 31, 2014.Common stock, $1 par, 1,500,000 shares issued and outstanding …… $ 1,500,000Paid-in capital in excess of par ………………… 6,900,000Retained earnings ……………………… 25,750,000Shares of Palmetto Company stock are currently selling on the Philadelphia Stock Exchange at $17.InstructionsPrepare the appropriate journal entries for each of the following cases.(a) A stock dividend of 200% is declared and issued.(b) A stock dividend of 10% is declared and issued.(c) A 3-for-1 stock split is declared and issued.View Solution:
The stockholders equity accounts of Palmetto Company have the f



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