E15-15B (Dividend Entries) The following data were taken from the balance sheet accounts of Symbol Two Corporation on June 30, 2014. Current assets $125,000 Investments 365,000 Common stock (par value $1) 70,000 Paid-in capital in excess of par 680,000 Re

E15-15B (Dividend Entries) The following data were taken from the balance sheet accounts of Symbol Two Corporation on June 30, 2014.

Current assets                                      $125,000

Investments                                            365,000

Common stock (par value $1)                   70,000

Paid-in capital in excess of par               680,000

Retained earnings                                   963,000

Instructions

Prepare the required journal entries for the following unrelated items.

(a) The par value of the capital stock is reduced to $0.50 with a 2-for-1 stock split.

(b) A 10% stock dividend is declared and distributed at a time when the market value of the shares is $25 per share.

(c) A property dividend is declared September 12, 2014, and paid October 1, 2014, in common shares in another company held as an equity investment. The equity investment has a book value of $50,000 and a fair market value of $205,000.