Nutritious Pet Food Company’s board of directors declares a large stock dividend (50%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). Treasury Stock Building Common Stock Additional Paid-in Capital from Common Stock Cash Land Retained Earnings Common Stock Dividend Distributable Cash Dividends Payable Preferred Stock Equipment Additional Paid-in Capital from Preferred Stock Prepare the following two journal entries. PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345). June 30 - Record the declaration of a stock dividend: DR CR July 31 - Record the distribution of the stock dividend: DR CR
Nutritious Pet Food Company’s board of directors declares a large stock dividend (50%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury). Treasury Stock Building Common Stock Additional Paid-in Capital from Common Stock Cash Land Retained Earnings Common Stock Dividend Distributable Cash Dividends Payable Preferred Stock Equipment Additional Paid-in Capital from Preferred Stock Prepare the following two journal entries. PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345). June 30 - Record the declaration of a stock dividend: DR CR July 31 - Record the distribution of the stock dividend: DR CR
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 13EB: Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30...
Related questions
Question
5.
Nutritious Pet Food Company’s board of directors declares a large stock dividend (50%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par value common stock outstanding (none held in treasury).
|
Building | Common Stock |
Additional Paid-in Capital from Common Stock | Cash | Land |
Common Stock Dividend Distributable | Cash Dividends Payable | |
Equipment | Additional Paid-in Capital from Preferred Stock |
Prepare the following two
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).
- June 30 - Record the declaration of a stock dividend:
-
DR CR - July 31 - Record the distribution of the stock dividend:
-
DR CR
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning