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144 stock splits bainbridge corporation recently patented an extraordinary invention 4298512


144. Stock splits
Bainbridge Corporation recently patented an extraordinary invention that will allow average homeowners to cheaply generate a large fraction of the electricity consumed in their houses. As a result, the market price of Bainbridge's common stock has soared to $160 per share. Bainbridge is about to announce a 4 for 1 stock split. Explain why the company would take this action?

145. Stockholders' Equity
Blake Corporation has the following accounts on December 31, 2010
Common Stock $.25 par, 1,000,000 authorized, 400,000 issued.
Preferred stock 6%, $100 par, cumulative, 5,000 shares authorized, 3,000 issued.
Treasury stock, 1,500 shares purchased at market value of $6 per share
(1) Prepare the stockholders' equity section of the balance sheet.
(2) Prepare the journal entry for the purchase of the treasury stock.
(3) Blake paid the liability for dividends on March 1. Prepare the journal entry for the payment.




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