;
Myers Company provides you with the following condensed balance sheet information.
| Assets | ||
| Current assets | $ 47,200 | |
| Equity investments (ABC stock; 10,160 shares at cost) | 40,640 | |
| Equipment (net) | 258,800 | |
| Intangibles | 60,500 | |
| Total assets | $407,140 | |
| Liabilities and Stockholders’ Equity | ||
| Current and long-term liabilities | $107,700 | |
| Stockholders’ equity | ||
| Common stock ($5 par) | $ 35,400 | |
| Paid-in capital in excess of par | 118,400 | |
| Retained earnings | 145,640 | 299,440 |
| Total liabilities and stockholders’ equity |
$407,140 |
For each transaction below, 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) Myers declares and pays a $0.59 per share cash dividend.
(b) Myers declares and issues a 10% stock dividend when the market price of the stock is $14 per share.
(c) Myers declares and issues a 40% stock dividend when the market price of the stock is $16 per share.
(d) Myers declares and distributes a property dividend. Myers gives one share of its equity investment (ABC stock) for every two shares of Myers Company stock held. ABC is selling for $11 per share on the date the property dividend is declared.
(e) Myers declares a 3-for-1 stock split and issues new shares.
