Landry Inc. has 10,000 shares of common stock, $1 par outstanding. On September 30, 2020, Landry declares a stock split effected in the form of a 100% stock dividend when the fair value of its common stock is $30 per share. Distribution of the dividend will be on October 15, 2020. a. Prepare the journal entry for the declaration of the stock dividend on September 30, 2020. b. Prepare the journal entry for the distribution of the stock dividend on October 15, 2020

Landry Inc. has 10,000 shares of common stock, $1 par outstanding. On September 30, 2020, Landry declares a stock split effected in the form of a 100% stock dividend when the fair value of its common stock is $30 per share. Distribution of the dividend will be on October 15, 2020. a. Prepare the journal entry for the declaration of the stock dividend on September 30, 2020. b. Prepare the journal entry for the distribution of the stock dividend on October 15, 2020

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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