The stockholders' equity of TVX Company at the beginning of the day on February 5 follows. Common stock-$10 par value, 150,000 shares authorized, 58,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 580,000 $ 423,000 551,000 Total stockholders' equity $1,554,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $36 per share on February 5 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution.
The stockholders' equity of TVX Company at the beginning of the day on February 5 follows. Common stock-$10 par value, 150,000 shares authorized, 58,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 580,000 $ 423,000 551,000 Total stockholders' equity $1,554,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $36 per share on February 5 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At...
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