Elias Corporation Has 40,000 Shares of $10 Par Value Common $\quad$

question 171

Essay

Elias Corporation has 40,000 shares of $10 par value common stock outstanding.Prepare entries in journal form without explanations for the following transactions.(Market value of the stock was $15.00 on December 16 and $15.50 on December 23.)
Dec. $\quad$ 16 $\quad$ Declared a 15 percent stock dividend
$\quad$ $\quad$ 23 $\quad$ Distributed the stock dividend.
$\quad$ $\quad$ 30 $\quad$ Declared a 2 -for-1 stock split.

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Definitions:

White Water Rafting

A recreational outdoor activity which uses an inflatable raft to navigate a river or other body of water with various degrees of rough water.

Surplus

An excess of production or supply over demand, often leading to a decrease in prices.

Unit Cost

The cost incurred by a company to produce, store, and sell one unit of a particular product or service.

Tax Revenue

The income collected by governments from taxes, which funds public services such as infrastructure, healthcare, and education.