A company has 43,000 shares of $10 par value common stock outstanding. The company declares a 10% stock dividend on March 15 when the stock's market value is $32 per share. The stock dividend is distributed on March 30. Prepare the journal entry for the (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 Record the declaration of a 10% stock dividend. Date Note: Enter debits before credits. 2 March 15 Record entry General Journal Clear entry Debit Credit View general Journal >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A company has 43,000 shares of $10 par value common stock outstanding. The company declares a 10% stock dividend on March 15
when the stock's market value is $32 per share. The stock dividend is distributed on March 30.
Prepare the journal entry for the (a) declaration and (b) distribution of the stock dividend.
View transaction list
Journal entry worksheet
1
Record the declaration of a 10% stock dividend.
Date
Note: Enter debits before credits.
2
March 15
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
Transcribed Image Text:A company has 43,000 shares of $10 par value common stock outstanding. The company declares a 10% stock dividend on March 15 when the stock's market value is $32 per share. The stock dividend is distributed on March 30. Prepare the journal entry for the (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 Record the declaration of a 10% stock dividend. Date Note: Enter debits before credits. 2 March 15 Record entry General Journal Clear entry Debit Credit View general Journal
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