On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 15,000, $6 par, common shares. The market price of the common stock is $35 on this date. Required: 1.2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 15,000, $6 par, common shares. The market price of the common stock is $35 on this date. Required: 1.2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 15,000, $6 par,
common shares. The market price of the common stock is $35 on this date.
Required:
1.2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock
split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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