On January 1, 2019, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares
issued and outstanding) $975,600 Paid-in Capital in Excess of Par Value-Common Stock 188,000 Retained Earnings 503,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.00 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2020. Dec. 31 Determined that net income for the year was $220,000.
When proprietors decide to combine their business and form a partnership, gaap usually requires that non cash assets be taken over at : C. fair market vale The data will be used to calculate the percentages of ownership of each combined companies
