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Prepare entries to record both the dividend declaration and its distribution.

Prepare entries to record both the dividend declaration and its distribution.

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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[The following information applies to the questions displayed below] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$1e par value, 150, eee shares authorized, 59,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 590,000 428,000 554,000 $ 1,572,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $41 per share on February 5 before the stock dividend. Prepare entries to record both the dividend declaration and its distribution.
Transcribed Image Text:[The following information applies to the questions displayed below] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$1e par value, 150, eee shares authorized, 59,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 590,000 428,000 554,000 $ 1,572,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock's market value is $41 per share on February 5 before the stock dividend. Prepare entries to record both the dividend declaration and its distribution.
1. Prepare entries to record both the dividend declaration and its distribution. View transaction list Journal entry worksheet 1 2 Record the declaration of a 2% stock dividend. Note: Enter debits before credits. Date February 05 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:1. Prepare entries to record both the dividend declaration and its distribution. View transaction list Journal entry worksheet 1 2 Record the declaration of a 2% stock dividend. Note: Enter debits before credits. Date February 05 Record entry General Journal Clear entry Debit Credit View general journal
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