Al-Morooj Corporation currently has 120,000 shares outstanding of OR 1 par value common stock. The stock was originally issued for OR 12 per share. On March 15, the board of directors declares a 10% stock dividend when the stock is selling for OR 16 per share. What is the journal entry to record the stock dividend? Select one: A. Dr. Retained earnings 180,000 Cr. Common stock 12,000 Paid-in capital in excess of par 168,000 B. Dr. Retained earnings 192,000 Cr. Common stock 12,000 Paid-in capital in excess of par 180,000 C. Dr. Retained earnings 1920,000 Cr. Common stock 120,000 Paid-in capital in excess of par 1800,000 D. Dr. Retained earnings 192,000 Cr. Common stock 192,000

Al-Morooj Corporation currently has 120,000 shares outstanding of OR 1 par value common stock. The stock was originally issued for OR 12 per share. On March 15, the board of directors declares a 10% stock dividend when the stock is selling for OR 16 per share. What is the journal entry to record the stock dividend? Select one: A. Dr. Retained earnings 180,000 Cr. Common stock 12,000 Paid-in capital in excess of par 168,000 B. Dr. Retained earnings 192,000 Cr. Common stock 12,000 Paid-in capital in excess of par 180,000 C. Dr. Retained earnings 1920,000 Cr. Common stock 120,000 Paid-in capital in excess of par 1800,000 D. Dr. Retained earnings 192,000 Cr. Common stock 192,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...

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Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
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