On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 40 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $15 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). Answer is not complete. No Event General Journal Debit Credit Retained earnings. 30.000.000 Common stock 2,000,000 28,000,000
On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 40 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $15 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). Answer is not complete. No Event General Journal Debit Credit Retained earnings. 30.000.000 Common stock 2,000,000 28,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am.100.
Transcribed Image Text:On June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 40 million, $1 par, common shares, to
be distributed on July 1. The market price of Siewert common stock was $15 on June 13.
Prepare a journal entry that summarizes the declaration and distribution of the stock dividend.
Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers
In millions (l.e., 10,000,000 should be entered as 10).
Answer is not complete.
No
Event
General Journal
Debit
Credit
Retained earnings.
30.000.000
Common stock
2,000,000
28,000,000
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