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On January 1, Sunland Corporation had 156000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a debit to Common Stock Dividends Distributable for $249600. O credit to Cash for $249600. O debit to Stock Dividends for $74880. O credit to Paid-in Capital in Excess of Par for $74880.

On January 1, Sunland Corporation had 156000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a debit to Common Stock Dividends Distributable for $249600. O credit to Cash for $249600. O debit to Stock Dividends for $74880. O credit to Paid-in Capital in Excess of Par for $74880.

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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On January 1, Sunland Corporation had 156000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a debit to Common Stock Dividends Distributable for $249600. O credit to Cash for $249600. O debit to Stock Dividends for $74880. O credit to Paid-in Capital in Excess of Par for $74880.
Transcribed Image Text:On January 1, Sunland Corporation had 156000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a debit to Common Stock Dividends Distributable for $249600. O credit to Cash for $249600. O debit to Stock Dividends for $74880. O credit to Paid-in Capital in Excess of Par for $74880.
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