Concord Corporation has 48,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 1 Dec. 31 Account Titles and Explanation Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Stock Debit 720018 Credit DUM
Concord Corporation has 48,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 1 Dec. 31 Account Titles and Explanation Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Stock Debit 720018 Credit DUM
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Concord Corporation has 48,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1
when the market price per share is $18. The dividend shares are issued on December 31.
Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem.
Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter O for the amounts.)
Date
Dec. 1
Dec. 31
Account Titles and Explanation
Stock Dividends
Common Stock Dividends Distributable
Paid-in Capital in Excess of Par-Common Stock
Common Stock Dividends Distributable
Common Stock
Debit
720018
Credit
000
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