On January 1, 2025, Culver Corporation had $1,310,000 of common stock outstanding that was issued at par and retained earnings $806,000. The company issued 20,000 shares of common stock at par on July 1 and earned net income of $506,000 for the year. Journalize the declaration of a 17% stock dividend on December 10, 2025, for the following two independent assumptions. (Credit account titles are automatically indented when 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.) (a) (b) Par value is $10 and market price is $16. Par value is $5 and market price is $9.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On January 1, 2025, Culver Corporation had $1,310,000 of common stock outstanding that was issued at par and retained earnings of
$806,000. The company issued 20,000 shares of common stock at par on July 1 and earned net income of $506,000 for the year.
Journalize the declaration of a 17% stock dividend on December 10, 2025, for the following two independent assumptions. (Credit
account titles are automatically indented when 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.)
(a)
(b)
No. Account Titles and Explanation
(a)
Par value is $10 and market price is $16.
Par value is $5 and market price is $9.
(b)
Debit
Credit
Transcribed Image Text:On January 1, 2025, Culver Corporation had $1,310,000 of common stock outstanding that was issued at par and retained earnings of $806,000. The company issued 20,000 shares of common stock at par on July 1 and earned net income of $506,000 for the year. Journalize the declaration of a 17% stock dividend on December 10, 2025, for the following two independent assumptions. (Credit account titles are automatically indented when 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.) (a) (b) No. Account Titles and Explanation (a) Par value is $10 and market price is $16. Par value is $5 and market price is $9. (b) Debit Credit
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