Quiz 21: Corporate Earnings and Capital Transactions
The Entry to Record the Declaration of a Stock Split
The entry to record the declaration of a stock split includes a debit to Retained Earnings.
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Retained earnings do not represent a cash fund.
An appropriation of retained earnings reduces the amount of retained earnings available for dividend declarations.
Property that is received as a gift should be recorded in the corporation's records at the asset's fair market value.
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