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The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows:
Common stock
—$ 10 par value, 150,000 shares
authorized, 60,000 shares issued and outstanding . . . . . . . . $ 600,000
Paid- in capital in excess of par value, common stock . . . . . 425,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,575,000
On February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $ 40 per share on February 5 before the stock dividend. The stock’s market value is $ 33.40 per share on February 28.
1. Prepare entries to record both the dividend declaration and its distribution.
2. One stockholder owned 800 shares on February 5 before the dividend.
Compute the book value per share and total book value of this stockholder’s shares immediately before and after the stock dividend of February 5.
3. Compute the total market value of the investor’s shares in part 2 as of February 5 and February 28.
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