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Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 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 25% stock dividend. Note: Enter debits before credits, Date: July 01 General Journal Debit Credit

Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 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 25% stock dividend. Note: Enter debits before credits, Date: July 01 General Journal Debit Credit

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 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 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 25% stock dividend. Note: Enter debits before credits, Date: July 01 General Journal Debit Credit
Transcribed Image Text:Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 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 25% stock dividend. Note: Enter debits before credits, Date: July 01 General Journal Debit Credit
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