Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $3 par common stock. The company issued 75,000 shares at $4 per share. When the market price of common stock was $6 per share, Martial Arts Schools declared and distributed a 12% stock dividend. Later, Martial Arts Schools declared and paid a $0.60 per share cash dividend. Read the requirements. Requirement 1. Journalize the declaration and the distribution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, journalize the declaration of the stock dividend. Accounts and Explanation Date Debit Credit Requirements 1. Journalize the declaration and the distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. Print Done - X

Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $3 par common stock. The company issued 75,000 shares at $4 per share. When the market price of common stock was $6 per share, Martial Arts Schools declared and distributed a 12% stock dividend. Later, Martial Arts Schools declared and paid a $0.60 per share cash dividend. Read the requirements. Requirement 1. Journalize the declaration and the distribution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, journalize the declaration of the stock dividend. Accounts and Explanation Date Debit Credit Requirements 1. Journalize the declaration and the distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. Print Done - X

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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Subject :- Accounting
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