On January 1, 2013 Frascom had the following account balances in its...
On January 1, 2013 Frascom had the following account balances in its shareholder’s equity accounts. Common Stock, $1 par, 250,000 shares issued 250,000 Paid-in Capital –excess of par, common 500,000 Paid-in Capital- excess of par, preferred 100,000 Preferred Stock, $100 par, 10,000 shares outstanding 1,000,000 Retained Earning 2,000,000 Treasury Stock at cost, 5,000 shares. 25,000 During 2013, Frascom,Inc had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value of $10 per share, market value $9 per share) February 17: Distributed the property dividends. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $4 on this date. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The market value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend.
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