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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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