Madrid Corporation has 11,000 shares of $50 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $67 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock Sept. 15 No Entry Required No Entry Required Oct. 8 ✔ ✓ Stock Dividends Distributable ✓ ✓ 000 000 000 000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Entries for stock dividends
Madrid Corporation has 11,000 shares of $50 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of
record on September 15. The market price of the stock was $67 per share on August 2.
Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry
Required" and leave the amount boxes blank.
Aug. 2
Stock Dividends
Stock Dividends Distributable
Paid-In Capital in Excess of Par-Common Stock
Sept. 15 No Entry Required
No Entry Required
Oct. 8. Stock Dividends Distributable
00 00
00 00 000
Transcribed Image Text:Entries for stock dividends Madrid Corporation has 11,000 shares of $50 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $67 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock Sept. 15 No Entry Required No Entry Required Oct. 8. Stock Dividends Distributable 00 00 00 00 000
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