DRE Corporation had Common Stock - $20 par, 10,000 shares authorized, 4,500 shares issued and outstanding. On March 1, the board of DRE Corporation declared a 209 stock dividend. The market value of the stock is $28 per share. The declared stock dividend was paid on May 31. On July 1, the par value of the common stock is reduced to $10 per share for a 2-for-1 stock split. Prepare the journal entry for July 1. No entry required. Cash $18,000 Common Stock $18,000

DRE Corporation had Common Stock - $20 par, 10,000 shares authorized, 4,500 shares issued and outstanding. On March 1, the board of DRE Corporation declared a 209 stock dividend. The market value of the stock is $28 per share. The declared stock dividend was paid on May 31. On July 1, the par value of the common stock is reduced to $10 per share for a 2-for-1 stock split. Prepare the journal entry for July 1. No entry required. Cash $18,000 Common Stock $18,000

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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