### Stock Dividend Journal Entries**Scenario:**Bungy Dive Inc. has 80,000 shares of $35 par common stock outstanding. On June 8, Bungy declared a 5% stock dividend to be issued on August 12 to stockholders of record on July 13. The market price of the stock was $63 per share on June 8.**Required:**Journalize the entries required on the following dates:- **June 8**- **July 13**- **August 12**### Explanation:- **June 8:** Record the declaration of the stock dividend.- **July 13:** Record the date of record for the stockholders.- **August 12:** Record the issuance of the stock dividend.For detailed accounting and calculations, explore entries on the declared stock dividend, including the impacts on common stock, additional paid-in capital, and changes to the equity section of the balance sheet.

Journal entry: It is a primary stage of recording transactions that consist of debit or credit. The…

3. Bungy Dive Inc. has 80,000 shares of $35 par common stock outstanding. On June 8, Bungy declared a 5% stock dividend to be issued August 12 to Stockholders of record on July 13. The market price of the stock was $63 per share on June 8. Required: Journalize the entries required on June 8, July 13, and August 12.

3. Bungy Dive Inc. has 80,000 shares of $35 par common stock outstanding. On June 8, Bungy declared a 5% stock dividend to be issued August 12 to Stockholders of record on July 13. The market price of the stock was $63 per share on June 8. Required: Journalize the entries required on June 8, July 13, and August 12.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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