Details of this Paper

A corporation had 13,500 shares of $5 par value common

Description

solution


Question

Question;A corporation had 13,500 shares of $5 par value common stock outstanding when the board of directors declared a stock dividend of 4,995 shares. At the time of the stock dividend, the market value per share was $19. The entry to record this dividend is:Debit Common Stock Dividend Distributable $94,905, credit Retained Earnings $94,905.No entry is needed.Debit Retained Earnings $94,905, credit Common Stock Dividend Distributable $24,975, credit Paid-In Capital in Excess of Par Value, Common Stock $69,930.Debit Retained Earnings $94,905, credit Common Stock Dividend Distributable $94,905.(i picked this on)Debit Retained Earnings $24,975, credit Common Stock Dividend Distributable $24,975.

 

Paper#39804 | Written in 18-Jul-2015

Price : $19
SiteLock