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Exercise 15-13- The common stock of Alexander Hamilton Inc
Exercise 15-13- The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The director wish to reduce the share price and increase share volume sa news The per share par value is $10 book value is 70 per share.9 million shares are in and outstanding Prepare the necessary oumaltres suming the followinnam ar Creally indented when amount is and Do not in any fry is require select Entry for the account it and enter for the am) (a) The bodo rack wit The beard votes a 100% Mock didend. No. Recount Titles Expo De Credit (to record the decat To record the diston)
Expert Solution
| No. | Account Titles and Explanation | Debit | Credit |
| (a) | No entry required | ||
| Note: In stock split, it only changes the number of shares outstanding and its par value | |||
| (b) | Retained Earnings | 90,000,000 | |
| Common Stock Dividend Distributable | 90,000,000 | ||
| (To record the declaration) | |||
| Common Stock Dividend Distributable | 90,000,000 | ||
| Common Stock | 90,000,000 | ||
| (To record the distribution) | |||
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