Marin Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 14% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30. Prepare the necessary entries for the declaration and payment of the stock dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Marin Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 14% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30.

Prepare the necessary entries for the declaration and payment of the stock dividend. *(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)*

| Date       | Account Titles and Explanation | Debit | Credit |
|------------|--------------------------------|-------|--------|
| (Dropdown) |                                |       |        |
|            |                                |       |        |
|            |                                |       |        |
| (Dropdown) |                                |       |        |
|            |                                |       |        |
Transcribed Image Text:**Current Attempt in Progress** Marin Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 14% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30. Prepare the necessary entries for the declaration and payment of the stock dividend. *(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)* | Date | Account Titles and Explanation | Debit | Credit | |------------|--------------------------------|-------|--------| | (Dropdown) | | | | | | | | | | | | | | | (Dropdown) | | | | | | | | |
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