Required information Journal entry worksheet Record the declaration of 14% stock dividend. Note: Enter debits before credits. Date General Journal Debit Credit Feb 05 Record entry Clear entry View general journal Required information Journal entry worksheet Record the declaration of 14% stock dividend. Note: Enter debits before credits. Date General Journal Debit Credit Feb 05 Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows:

Common stock—$20 par value, 150,000 shares
authorized, 58,000 shares issued and outstanding
$ 1,160,000  
Paid-in capital in excess of par value, common stock   525,000  
Retained earnings   675,000  
Total stockholders’ equity $ 2,360,000  
 

On February 5, the directors declare a 14% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $40 per share on February 5 before the stock dividend. The stock’s market value is $35 per share on February 28.

Required information
Journal entry worksheet
Record the declaration of 14% stock dividend.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 05
Record entry
Clear entry
View general journal
Transcribed Image Text:Required information Journal entry worksheet Record the declaration of 14% stock dividend. Note: Enter debits before credits. Date General Journal Debit Credit Feb 05 Record entry Clear entry View general journal
Required information
Journal entry worksheet
Record the declaration of 14% stock dividend.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 05
Record entry
Clear entry
View general journal
Transcribed Image Text:Required information Journal entry worksheet Record the declaration of 14% stock dividend. Note: Enter debits before credits. Date General Journal Debit Credit Feb 05 Record entry Clear entry View general journal
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Dividends
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education