Required information [The following information applies to the questions displayed below] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$20 par value, 150,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital incess of par value, common stock Retained earnings Total stockholders' equity $ 1,160,000 422,000 546,000 $ 2,128,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the Feb record. The stock's market value is $41 per share on February 5 before the stock dividend.
Required information [The following information applies to the questions displayed below] The stockholders' equity section of TVX Company on February 4 follows. Common stock-$20 par value, 150,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital incess of par value, common stock Retained earnings Total stockholders' equity $ 1,160,000 422,000 546,000 $ 2,128,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the Feb record. The stock's market value is $41 per share on February 5 before the stock dividend.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1) Record the declaration of a2%stock dividend.
2) Record the distribution of a2%stock dividend
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![Required information.
[The following information applies to the questions displayed below]
The stockholders' equity section of TVX Company on February 4 follows.
Common stock-$20 par value, 150,000 shares authorized, 58,000
shares issued and outstanding
Paid-in capital incess of par value, common stock
Retained earnings
Total stockholders' equity
$ 1,160,000
422,000
546,000
$ 2,128,000
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.
1. Prepare entries to record both the dividend declaration and its distribution.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c55551a-4a12-4719-b57f-3c834266b890%2F8832f1e7-5272-4780-952d-238c2a83e3e1%2Ffcshotp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information.
[The following information applies to the questions displayed below]
The stockholders' equity section of TVX Company on February 4 follows.
Common stock-$20 par value, 150,000 shares authorized, 58,000
shares issued and outstanding
Paid-in capital incess of par value, common stock
Retained earnings
Total stockholders' equity
$ 1,160,000
422,000
546,000
$ 2,128,000
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.
1. Prepare entries to record both the dividend declaration and its distribution.
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