On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 21,000, $12 par, common shares. The market price of the common stock is $41 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 21,000, $12 par, common shares. The market price of the common stock is $41 on this date. Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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 4MC
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Question
On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 21,000, $12 par, common shares. The market price of the common stock is $41 on this date.
Required:
1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No
Transcribed Image Text:Journal entry worksheet
1
2
3
>
Record the entry on the date of record.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 30
Record entry
Clear entry
View general journal
Transcribed Image Text:Journal entry worksheet
1
2
>
Record the declaration of cash dividends.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 15
Record entry
Clear entry
View general journal
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