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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Use the same facts as in RE 16-3, but instead assume that Pickens declares and issues a 50% stock dividend when the stock is selling for $30 per share. Prepare the journal entry on the date of declaration to record Pickens’s stock dividend.

To determine

Prepare journal entry to record the given transaction.

Explanation

Stock dividends:

Stock dividends are the number of shares issued by a company to the existing shareholders in a proportion to the number of shares owned by each shareholder, based on a stock dividend percentage.

Prepare journal entry to record the given transaction.

DateAccount Titles and explanationDebit ($)Credit ($)
 Retained earnings (25,000×$10par)<

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