Answered: Epic Incorporated has 10,500 shares of… | bartleby

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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Question

Epic Incorporated has 10,500 shares of $2 par value common stock outstanding. Epic declares a 10% stock dividend on July 1 when
the stock's market value is $13 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 10% stock dividend.
Note: Enter debits before credits.
Date
July 01
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>

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