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Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $9 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list

Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $9 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list

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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Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $9 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 2 Record the distribution of 6% stock dividend. Note: Enter debits before credits. Date July 20 General Journal Debit Credit
Transcribed Image Text:Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $9 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 2 Record the distribution of 6% stock dividend. Note: Enter debits before credits. Date July 20 General Journal Debit Credit
ook -int ences Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $9 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 2 Record the declaration of a 6% stock dividend. Date July 01 Note: Enter debits before credits. General Journal Retained earnings Common stock dividend distributable Paid-in capital in excess of par value, common stock < Prev 7 of 13 Debit Credit Next > Check my work ㄱ
Transcribed Image Text:ook -int ences Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1 when the stock's market value is $9 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet 1 2 Record the declaration of a 6% stock dividend. Date July 01 Note: Enter debits before credits. General Journal Retained earnings Common stock dividend distributable Paid-in capital in excess of par value, common stock < Prev 7 of 13 Debit Credit Next > Check my work ㄱ
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