Culver Company provides you with the following condensed balance sheet information: Assets Current assets       $ 40,800 Equity investments       58,800 Equipment (net)       239,700 Intangibles       65,600    Total assets       $404,900 Liabilities and Stockholders’ Equity Current and long-term liabilities       $94,400 Stockholders’ equity            Common stock ($5 par)   $ 18,900        Paid-in capital in excess of par   103,900        Retained earnings   187,700   310,500      Total liabilities and stockholders’ equity       $404,900 For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (Each situation is independent.) (a) Culver declares and pays a $0.60 per share cash dividend. (b) Culver declares and issues a 10% stock dividend when the market price of the stock is $13 per share. (1)   Total assets   decrease increase no effect   $ (2)   Common stock   decrease increase no effect   $ (3)   Paid-in capital in excess of par   decrease increase no effect   $ (4)   Retained earnings   decrease increase no effect   $ (5)   Total stockholders’ equity   decrease increase no effect   $ (c) Culver declares and issues a 30% stock dividend when the market price of the stock is $14 per share. (1)   Total assets   decrease increase no effect   $ (2)   Common stock   decrease increase no effect   $ (3)   Paid-in capital in excess of par   decrease increase no effect   $ (4)   Retained earnings   decrease increase no effect   $ (5)   Total stockholders’ equity   decrease increase no effect   $

Culver Company provides you with the following condensed balance sheet information:

Assets

Current assets

     

$ 40,800

Equity investments

     

58,800

Equipment (net)

     

239,700

Intangibles

     

65,600

   Total assets

     

$404,900

Liabilities and Stockholders’ Equity

Current and long-term liabilities

     

$94,400

Stockholders’ equity

       

   Common stock ($5 par)

 

$ 18,900

   

   Paid-in capital in excess of par

 

103,900

   

   Retained earnings

 

187,700

 

310,500

     Total liabilities and stockholders’ equity

     

$404,900

For each of the following transactions, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common stock, (3) paid-in capital in excess of par, (4) retained earnings, and (5) stockholders’ equity. (Each situation is independent.)

(a) Culver declares and pays a $0.60 per share cash dividend.

(b) Culver declares and issues a 10% stock dividend when the market price of the stock is $13 per share.

(1)

 

Total assets

 

decrease increase no effect

 

$

(2)

 

Common stock

 

decrease increase no effect

 

$

(3)

 

Paid-in capital in excess of par

 

decrease increase no effect

 

$

(4)

 

Retained earnings

 

decrease increase no effect

 

$

(5)

 

Total stockholders’ equity

 

decrease increase no effect

 

$

(c) Culver declares and issues a 30% stock dividend when the market price of the stock is $14 per share.

(1)

 

Total assets

 

decrease increase no effect

 

$

(2)

 

Common stock

 

decrease increase no effect

 

$

(3)

 

Paid-in capital in excess of par

 

decrease increase no effect

 

$

(4)

 

Retained earnings

 

decrease increase no effect

 

$

(5)

 

Total stockholders’ equity

 

decrease increase no effect

 

$

(d) Culver declares and distributes a property dividend. Culver gives one share of its equity investment (ABC stock) for every two shares of Culver Company stock held. Culver owns 9,800 shares of ABC. ABC is selling for $10 per share on the date the property dividend is declared.

(1)

 

Total assets

 

decrease increase no effect

 

$

(2)

 

Common stock

 

decrease increase no effect

 

$

(3)

 

Paid-in capital in excess of par

 

decrease increase no effect

 

$

(4)

 

Retained earnings

 

decrease increase no effect

 

$

(5)

 

Total stockholders’ equity

 

decrease increase no effect

 

$

(e) Culver declares a 2-for-1 stock split and issues new shares.

(1)

 

Total assets

 

decrease increase no effect

 

$

(2)

 

Common stock

 

decrease increase no effect

 

$

(3)

 

Paid-in capital in excess of par

 

decrease increase no effect

 

$

(4)

 

Retained earnings

 

decrease increase no effect

 

$

(5)

 

Total stockholders’ equity

 

decrease increase no effect

 

$

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