On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 350,000 shares issued of
which 20,000 Shares being held as treasury stock $350,000
Paid-in capital excess of par, common 500,000
Preferred stock, $100 par, 10,000 shares outstanding 1,000,000
Paid-in capital excess of par, preferred 100,000
Retained earnings 2,000,000
Treasury stock, at cost, 20,000 shares 60,000
During 2017, Thomson Inc. had several transactions relating to common stock.
2/10
Declared a property dividend, payable in Welch company stock. The Welch stock had been purchased early in 2016 for $30,000 and was reported as an asset at a fair value of $35,000 on 12/31/16 balance sheet. The market value of Welch stock is $38,000 on 2/10/17.
3/17
Distributed the property dividend.
3/20
Reissued 5,000 shares of treasury stock at $5 per share.
4/17
Declared a 3 for 1 stock split on common stock effective 4/24.
7/18
Declared and distributed a 10% stock dividend on outstanding common stock; market value per share, $7.
11/1
Declared a $0.5 per share cash dividend on the outstanding common shares.
11/25
Ex-dividend date for the cash dividend
11/29
Date of record for the cash dividend.
12/20
Paid the cash dividend declared on 11/1.
Required:
Record the above transactions and events in the journal entry format.
