Entries for Stock Dividends Madrid Corporation has 22,000 shares of $80 par common stock outstanding. On August 2, Madrid Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $96 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 Sept. 15 Oct. 8

Entries for Stock Dividends Madrid Corporation has 22,000 shares of $80 par common stock outstanding. On August 2, Madrid Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $96 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 Sept. 15 Oct. 8

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 4SEB: STOCK DIVIDENDS Martinez Company currently has 200,000 shares of 1 par common stock outstanding. On...

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STOCK DIVIDENDS Martinez Company currently has 200,000 shares of 1 par common stock outstanding. On March 15, a 5% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market value of the common stock was estimated at 13 per share. 1. Prepare journal entries for the declaration and distribution of the 5% common stock dividend. 2. Assume Martinez Company declared a stock dividend of 30% rather than 5%. Prepare journal entries for the declaration and distribution of the 30% common stock dividend.