Answer:
Dr Retained Earnings $6,000
Cr Common Dividends Payable $6,000
Explanation:
Preparation of the journal entry to record the dividend declaration
Based on the information given we were told that the Corporation declared the amount of $0.50 per share cash dividend on common shares in which 12,000 shares of the common stock are outstanding, hence The journal entry to record the dividend declaration is:
Dr Retained Earnings $6,000
Cr Common Dividends Payable $6,000
(12,000*$0.50)
Answer:
1.5
Explanation:
Current ratio = current asset/current liabilities
This ratio is used to determine how quickly the current assets can be used to settle the current liabilities as they fall due.
current assets = $120,000
current liabilities = $80,000
The firm's current ratio = $120,000/$80,000
= 1.5
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Answer:
$1,002,000
Explanation:
The costs incurred on the share for share exchange include the fair value per share ,issue costs,direct cost as well as contingent consideration(consideration based on the acquired business performance.
However,the costs eligible to be recorded as investment upon acquisition are the fair value per share and the contingent obligation as shown below:
Fair value (entire shares) $50*20,000=$1,000,000
fair value of potential obligation =$2000
total value of investment $1,002,000
The issue costs and direct should be expensed immediately.
Answer:CURRENCY
Explanation:
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