Crane Company has 100,000 common shares outstanding. Because it wants to retain its cash for other purposes, the company decided to issue stock dividends to its shareholders. The market price of each Crane Company share was $23. Prepare the journal entries if the company decides to declare and issue a 7% stock dividend. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account and Explanation When declared: Debit Credit When issued:
Crane Company has 100,000 common shares outstanding. Because it wants to retain its cash for other purposes, the company decided to issue stock dividends to its shareholders. The market price of each Crane Company share was $23. Prepare the journal entries if the company decides to declare and issue a 7% stock dividend. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account and Explanation When declared: Debit Credit When issued:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in table format or i will give down vote
Transcribed Image Text:Crane Company has 100,000 common shares outstanding. Because it wants to retain its cash for other purposes, the company
decided to issue stock dividends to its shareholders. The market price of each Crane Company share was $23.
Transcribed Image Text:Prepare the journal entries if the company decides to declare and issue a 7% stock dividend. (Credit account titles are automatically
indented when the 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. List all debit entries before credit entries.)
Account and Explanation
When declared:
Debit
Credit
When issued:
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