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had 25 million shares of $2 par common stock outstanding at January 1, 2021, In October 2021, Rick Co's Board of Directors declas in stock dividend when the market value of its common stock was $54 per share. In recording this transaction, Rick would: ultiple Choice

had 25 million shares of $2 par common stock outstanding at January 1, 2021, In October 2021, Rick Co's Board of Directors declas in stock dividend when the market value of its common stock was $54 per share. In recording this transaction, Rick would: ultiple Choice

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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Rick Co had 25 million shares of $2 par common stock outstanding at January 1, 2021, In October 2021, Rick Co.'s Board of Directors declared and distributed a 2% common stock dividend when the market value of its common stock was $54 per share. In recording this transaction, Rick would Multiple Choice O None of these answer choices are correct Debit retained earnings for $27.00 milion Credit common stock for $2700 million Credit paid-in capital-excess of par for $2700 million < Prev 21 of 31 Next >
Transcribed Image Text:Rick Co had 25 million shares of $2 par common stock outstanding at January 1, 2021, In October 2021, Rick Co.'s Board of Directors declared and distributed a 2% common stock dividend when the market value of its common stock was $54 per share. In recording this transaction, Rick would Multiple Choice O None of these answer choices are correct Debit retained earnings for $27.00 milion Credit common stock for $2700 million Credit paid-in capital-excess of par for $2700 million < Prev 21 of 31 Next >
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