On January 1, Concord Corporation had 172000 shares of $10 par value common stock outstanding. On June 17, the company declared a 11% stock dividend to stockholders of record on June 20. Market value of the stock was $11 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a O credit to Common Stock for $189200. debit to Common Stock Dividends Distributable for $208120. O credit to Paid-in Capital in Excess of Par for $18920. O debit to Stock Dividends for $208120.
On January 1, Concord Corporation had 172000 shares of $10 par value common stock outstanding. On June 17, the company declared a 11% stock dividend to stockholders of record on June 20. Market value of the stock was $11 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a O credit to Common Stock for $189200. debit to Common Stock Dividends Distributable for $208120. O credit to Paid-in Capital in Excess of Par for $18920. O debit to Stock Dividends for $208120.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 12.4BE: Entries for stock dividends Alpine Energy Corporation has 1,500,000 shares of 40 par common stock...
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