On January 1, Sage Hill Corporation had 79000 shares of $10 par value common stock outstanding. On May 7, the company declared a10% stock dividend to stockholders of record on May 21. The market value of the stock was $13 on May 7. The stock was distributedon May 24. The entry to record the transaction of May 24 would include aO credit to Paid-in Capital in Excess of Par for $23700.O credit to Common Stock for $79000.O debit to Stock Dividends for $23700.O debit to Common Stock Dividends Distributable for $102700.

Stock Dividend is a dividend in the form of shares declared and issued by the corporation to the…

Answered: On January 1, Sage Hill Corporation had…

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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Goggle Corporation issued 5,000 stocks of its $1 par value common stocks as a stock dividend when the stocks were trading at $10 per stock. At the time of the dividend, Goggle had 100,000 common stocks outstanding. These stocks were originally issued for $5 per stock. The entry to record the stock dividend includes a debit to Retained Earnings for:
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