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QS 13-7 (Algo) Accounting for small stock dividends LO P2 Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend.

QS 13-7 (Algo) Accounting for small stock dividends LO P2 Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend.

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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Nn.54.

Subject  :- Account 

QS 13-7 (Algo) Accounting for small stock dividends LO P2 Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet < Record the declaration of a 25% stock dividend. Note: Enter debits before credits. Date July 01 2 Record entry scribed Text View transaction list 1 General Journal Journal entry worksheet Date July 20 Clear entry Record the distribution of 25% stock dividend. Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general Journal Debit Credit View general Journal
Transcribed Image Text:QS 13-7 (Algo) Accounting for small stock dividends LO P2 Epic Incorporated has 12,000 shares of $2 par value common stock outstanding. Epic declares a 25% stock dividend on July 1 when the stock's market value is $28 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and (b) distribution of the stock dividend. View transaction list Journal entry worksheet < Record the declaration of a 25% stock dividend. Note: Enter debits before credits. Date July 01 2 Record entry scribed Text View transaction list 1 General Journal Journal entry worksheet Date July 20 Clear entry Record the distribution of 25% stock dividend. Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general Journal Debit Credit View general Journal
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