6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share.Date Account DR CR 6-FebStock DividendCorrect$27,500 Correct Common Stock Dividend DistributableCorrect Incorrect Paid-in Capital in Excess of Par Value-Common StockCorrect Incorrect

Here's how to correctly record the stock dividend declared on February 6:Stock Dividend Account…

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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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Pls help me if it credit and debit make the tables make easy to read pls 5
5. Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is … a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
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b. Sheridan declares and issues a 10% stock dividend when the market price of the stock is $15 per share. (1) (2) (3) (4) (1) (2) (5) Total stockholders' equity (3) Total assets (4) Common stock (5) Paid-in capital in excess of par Retained earnings Total assets Common stock Paid-in capital in excess of par Retained earnings no effect c. Sheridan declares and issues a 20% stock dividend when the market price of the stock is $15 per share. Total stockholders' equity increase increase decrease no effect no effect increase no effect decrease no effect LA $ LA $ $ LA $ LA $ LA $ O
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Directions: Determine values for the missing items. Round answers to one decimal. 2018 2017 Net Income (in millions) ? ? Weighted Average Shares Outstanding (in millions) Basic Number Shares ? 59.2 Diluted Number of Shares 64.8 ? Earnings Per Share Basic 1.50 1.09 Diluted 1.43 1.02 Assume no preferred stock or restricted stock unit dividends .
eBook Oct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Oct. 31 Cash Dividends Cash Dividends Payable Oct. 31 Stock Dividends Stock Dividends Distributable 0 0 30,780 X 0 0 15,600 X Paid-In Capital in Excess of Par-Common Stock 0 Feedback Check My Work On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity? Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Dec. 31 Cash Dividends Payable Cash Dec. 31 Stock Dividends Distributable Common Stock Feedback Check My Work What are the stockholders receiving? Feedback 75,600 X 0 0 ✓ 30,780 X 0 0 ✓
A company declared and distributed an 8% dividend on 800,000 shares of $5 par value common stock outstanding. Market price per common share on this date was $25. What is the debit to Retained Earnings for the value of the stock dividend? O $64,000 O $320,000 O $1,600,000 O $40,000,000 79°F Rair
Journalize and prepare a new stockholder's equity section dated 12/31/22.
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There are 4 errors in Stockholders’ Equity section of the balance sheet below. Identify the 4 errors.

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6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share.
Date	Account		DR		CR
6-Feb	Stock Dividend	Correct	$27,500	Correct
	Common Stock Dividend Distributable	Correct				Incorrect
	Paid-in Capital in Excess of Par Value-Common Stock	Correct				Incorrect

6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. Date Account DR CR 6-Feb Stock Dividend Correct $27,500 Correct Common Stock Dividend Distributable Correct Incorrect Paid-in Capital in Excess of Par Value-Common Stock Correct Incorrect