On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued at par. It also had retained earnings of $741,500. The company issued 41,500 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2019, for the following independent assumptions. (a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $21.
On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued at par. It also had retained earnings of $741,500. The company issued 41,500 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2019, for the following independent assumptions. (a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $21.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2019, Concord Corporation had $1,470,000 of common stock outstanding that was issued at par. It also had
Journalize the declaration of a 15% stock dividend on December 10, 2019, for the following independent assumptions.
| (a) | Par value is $10, and market price is $18. | |
| (b) | Par value is $5, and market price is $21. |
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