Current Attempt in Progress On January 1, 2022, Blue Spruce Corp. had $1,100,000 of common stock outstanding that was issued at par and retained earnings of $758.000. The company issued 40.000 shares of common stock at par on July 1 and earned net income of $408,000 for the year. Journalize the declaration of a 14% stock dividend on December 10, 2022, for the following two independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent monually. If no-entry is required, select "No Entry for the account titles and enter O for the amounts) (a) (b) Your answer is partially correct. (a) No. Account Titles and Explanation (b) Par value is $10 and market price is $15. Par value is $5 and market price is $8. Stock Dividends Common Stock Dividends Distributable Paid in Capital in Excess of Par-Common Stack Stock Dividendi Common Stack Dividends Distributsk Paid-in Capital in Excess of Par-Common Stock Debit Credit 210000
Current Attempt in Progress On January 1, 2022, Blue Spruce Corp. had $1,100,000 of common stock outstanding that was issued at par and retained earnings of $758.000. The company issued 40.000 shares of common stock at par on July 1 and earned net income of $408,000 for the year. Journalize the declaration of a 14% stock dividend on December 10, 2022, for the following two independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent monually. If no-entry is required, select "No Entry for the account titles and enter O for the amounts) (a) (b) Your answer is partially correct. (a) No. Account Titles and Explanation (b) Par value is $10 and market price is $15. Par value is $5 and market price is $8. Stock Dividends Common Stock Dividends Distributable Paid in Capital in Excess of Par-Common Stack Stock Dividendi Common Stack Dividends Distributsk Paid-in Capital in Excess of Par-Common Stock Debit Credit 210000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Your answer is partially correct.
On January 1, 2022, Blue Spruce Corp. had $1.100,000 of common stock outstanding that was issued at par and retained earnings of
$758,000. The company issued 40.000 shares of common stock at par on July 1 and earned net income of $408,000 for the year.
Journalize the declaration of a 14% stock dividend on December 10, 2022, for the following two independent assumptions. (Credit
account titles are automatically indented when amount is entered. Do not indent monually If no-entry is required, select "No Entry" for the
account titles and enter O for the amounts)
(a) Par value is $10 and market price is $15.
(b)Par value is $5 and market price is $8.
No. Account Titles and Explanation
(a) Stock Dividends
(b)
Common Stock Dividends Distributable
Paid in Capital in Excess of Par-Common Stack
Stock Dividends
Common Stack Dividends Distributabl
Paid-in Capital in Excess of Par-Common Stock
Debit
Credit
210000
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