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
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 13EB: Nutritious Pet Food Companys board of directors declares a large stock dividend (50%) on June 30...
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56a29ccb-aa78-4686-afbe-4b0632a82347%2Ffe66beb4-f789-4f02-b31c-8860525a86cf%2Fa3xjror_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56a29ccb-aa78-4686-afbe-4b0632a82347%2Ffe66beb4-f789-4f02-b31c-8860525a86cf%2F5emiqnf_processed.jpeg&w=3840&q=75)
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Corporate Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305653535/9781305653535_smallCoverImage.gif)
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Accounting (Text Only)](https://www.bartleby.com/isbn_cover_images/9781285743615/9781285743615_smallCoverImage.gif)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning