CengageNOWv2| Online teachin × Cengage Learning i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLoca. ☆ Ch 13-2 Practice Exercises Entries for Stock Dividends Madrid Corporation has 30,000 shares of $80 par common stock outstanding. On June 8, Madrid Corporation declared a 3% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $98 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Stock Dividends v Jun. 8 88,200 Stock Dividends Distributable 72,000 Paid-In Capital in Excess of Par-Common Stock 16,200 Stock Dividends Distributable x 72,000 X Jul. 13 Common Stock x 72,000 X Aug. 12 Feedback V Check My Work 5:40 PM O Type here to search 2/23/2020
CengageNOWv2| Online teachin × Cengage Learning i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLoca. ☆ Ch 13-2 Practice Exercises Entries for Stock Dividends Madrid Corporation has 30,000 shares of $80 par common stock outstanding. On June 8, Madrid Corporation declared a 3% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $98 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Stock Dividends v Jun. 8 88,200 Stock Dividends Distributable 72,000 Paid-In Capital in Excess of Par-Common Stock 16,200 Stock Dividends Distributable x 72,000 X Jul. 13 Common Stock x 72,000 X Aug. 12 Feedback V Check My Work 5:40 PM O Type here to search 2/23/2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:CengageNOWv2| Online teachin ×
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i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLoca. ☆
Ch 13-2 Practice Exercises
Entries for Stock Dividends
Madrid Corporation has 30,000 shares of $80 par common stock outstanding. On June 8, Madrid Corporation declared a 3% stock dividend to be issued
August 12 to stockholders of record on July 13. The market price of the stock was $98 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If
no entry is required, select "No Entry Required" and leave the amount boxes blank.
Stock Dividends v
Jun. 8
88,200
Stock Dividends Distributable
72,000
Paid-In Capital in Excess of Par-Common Stock
16,200
Stock Dividends Distributable x
72,000 X
Jul. 13
Common Stock x
72,000 X
Aug. 12
Feedback
V Check My Work
5:40 PM
O Type here to search
2/23/2020
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