A mining company declared a liquidating dividend the journal entry

A scrip dividend results in a debit to retained earnings and a credit to a(n) b. Which of the following statements about scrip dividends is not true? contributed surplus to the extent that previous net "gains" from sales or retirements of the same class of shares are included therein; otherwise, from retained earnings. How should a "gain" from the sale of treasury shares be reflected in the financial statements? As contributed surplus from treasury shares transactions 20. When shares are reacquired at a cost less than the average per share value, the difference is assigned to d. Which of the following is the first account to be adjusted? as an account with a debit balance after retained earnings. the contributed capital of the common shareholders. Which of the following transactions does not result in a decrease to retained earnings? Acquisition of treasury shares for less than the original issue price 28. At the date of the financial statements, common shares issued would exceed common shares outstanding as a result of the c. purchased its own shares on January 1, 2006 for ,000 and debited the treasury shares account for the purchase price. The ,000 difference between the cost and sales price should be recorded as a deduction froma. When shares are purchased or redeemed and cancelled, guidelines have been established for the sequence for the allocation of the cost. Which of the following best describes a possible result of the reacquisition and cancellation of shares by a corporation? May directly decrease but not increase retained earnings *24 An acceptable method of reporting treasury shares in the balance sheet isc. requires that dividends not paid in any year must be made up in a later year before dividends are distributed to common shareholders. When all of the outstanding preferred shares are purchased and retired by the issuing corporation for less than its original issue price, proper accounting for the retirement increases b. limited to their property or service invested in the corporation. Which of the following is not a reason that corporations would issue two or more classes of shares? To free up more earnings for distribution to common shareholders. must be paid before dividends may be paid on common shares. Authorized common shares are sold on a subscription basis. either a current asset or a deduction from shareholders' equity. The accounting problem in a lump sum issuance is the allocation of proceeds between the classes of securities. either the proportional method or the incremental method. Direct costs incurred to sell shares such as underwriting costs should be accounted for as 1.

Cash dividends are paid on the basis of the number of shares c. The issuer of a 5% common stock dividend to common shareholders preferably should transfer from retained earnings to contributed capital an amount equal to the a. has no effect on total assets, liabilities, or shareholders' equity. If management wishes to "capitalize" part of the earnings, it may issue a b. At what amount should retained earnings be capitalized for the additional shares issued? There should be no capitalization of retained earnings 45. At the date of declaration of a small common stock dividend, the entry should not include a. At the date of declaration of a small common stock dividend, the entry should not includea. For my very difficult paper, I did not expect to get a writer as fast as I did.

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Which of the following statements about property dividends is not true? The accounting for a property dividend should be based on the carrying value (book value) of the nonmonetary assets transferred. The fair value of a property dividend should be determined by referring to d. On December 31, 2006, Farmer distributed these shares as a dividend to its shareholders.

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