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declaration date is $36 per share. a. Prepare the journal entries for (1) the declaration of the dividend and (2) the issuance of the dividend. General Journal Ref. Description Debit Credit (1) Answer Cash dividends Answer 2,000,000 Answer 0 Answer Dividends

declaration date is $36 per share. a. Prepare the journal entries for (1) the declaration of the dividend and (2) the issuance of the dividend. General Journal Ref. Description Debit Credit (1) Answer Cash dividends Answer 2,000,000 Answer 0 Answer Dividends

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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Large Stock Dividend and Forward Stock Split Low Corporation has 50,000 shares of $36 par value common stock outstanding and retained earnings of $1,350,000. The company declares a 100 percent stock dividend. The market price at the declaration date is $36 per share. a. Prepare the journal entries for (1) the declaration of the dividend and (2) the issuance of the dividend. General Journal Ref. Description Debit Credit (1) Answer Cash dividends Answer 2,000,000 Answer 0 Answer Dividends
Transcribed Image Text:Large Stock Dividend and Forward Stock Split Low Corporation has 50,000 shares of $36 par value common stock outstanding and retained earnings of $1,350,000. The company declares a 100 percent stock dividend. The market price at the declaration date is $36 per share. a. Prepare the journal entries for (1) the declaration of the dividend and (2) the issuance of the dividend. General Journal Ref. Description Debit Credit (1) Answer Cash dividends Answer 2,000,000 Answer 0 Answer Dividends
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