The board of directors of Milligan Company has decided to dispose of an unneeded parcel of land through a property dividen to their shareholders. Invidivdual homesites have been identified on the land, and those individual sites will be deeded to the shareholders in proportion to their stock holdings. On december 31, 2013, the board of directors declares the property dividend. The land is to be officially deeded to the shareholders as of January 15, 2014 (i. e., pay date). The board estimates the land to be worth approximately $200,000 on December 31, 2013. The book value of the land prior to the declaration is $175,000. On January 5, 2014, however, the city of Green Valley announces that the adjoining land will become the home of new recreational area, which will cause the value of the Milligan land to increase in value by an additional $100,000.

Required:
Prepare below journal entries to record the declaration of the property dividend on December 31, 2013 and the payment of the dividend on January 15, 2014.

Abond is issued for less than its face value. which statement most likely would explain why? a. the bond's contract rate is higher than the market rate at the time of the issue. b. the bond's contract rate is the same as the market rate at the time of the issue. c. the bond's contract rate is lower than the market rate at the time of the issue. d. the bond isn't secured by specific assets of the corporation.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Harry is 25 years old with a 1.55 rating factor for his auto insurance. if his annual base premium is $1,012, what is his total premium? $1,568.60 $2,530 $1,582.55 $1,842.25