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Ng Company had 35 million shares of $1 par common stock outstanding on January 1, 2024. In October 2024, Ng Company's Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $50 per share. In recording this transaction, Ng would: Multiple Choice debit retained earnings for $17.50 million. credit paid-in capital-excess of par for $17.50 million. credit common stock for $17.50 million. None these answer choices are correct.

Ng Company had 35 million shares of $1 par common stock outstanding on January 1, 2024. In October 2024, Ng Company's Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $50 per share. In recording this transaction, Ng would: Multiple Choice debit retained earnings for $17.50 million. credit paid-in capital-excess of par for $17.50 million. credit common stock for $17.50 million. None these answer choices are correct.

FINANCIAL ACCOUNTING
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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d Ng Company had 35 million shares of $1 par common stock outstanding on January 1, 2024. In October 2024, Ng Company's Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $50 per share. In recording this transaction, Ng would: Multiple Choice debit retained earnings for $17.50 million. credit paid-in capital-excess of par for $17.50 million. credit common stock for $17.50 million. None of these answer choices are correct. X
Transcribed Image Text:d Ng Company had 35 million shares of $1 par common stock outstanding on January 1, 2024. In October 2024, Ng Company's Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $50 per share. In recording this transaction, Ng would: Multiple Choice debit retained earnings for $17.50 million. credit paid-in capital-excess of par for $17.50 million. credit common stock for $17.50 million. None of these answer choices are correct. X
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