On January 1, Swifty Corporation had 71000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $14 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a debit to Common Stock Dividends Distributable for $149100. O debit to Stock Dividends for $42600. O credit to Paid-in Capital in Excess of Par for $42600. O credit to Common Stock for $106500.

On January 1, Swifty Corporation had 71000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $14 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a debit to Common Stock Dividends Distributable for $149100. O debit to Stock Dividends for $42600. O credit to Paid-in Capital in Excess of Par for $42600. O credit to Common Stock for $106500.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 4SEA: STOCK DIVIDENDS Kaufman Company currently has 200,000 shares of 1 par common stock outstanding. On...

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