Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Do not give solution in image
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
Transcribed Image Text: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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS