Sheffield Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheffield Corporation for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Declaration Date Debit Distribution Date

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sheffield Corporation has outstanding 363,000 shares of $10 par value common
stock. The corporation declares a 5% stock dividend when the fair value of the stock
is $71 per share.
Prepare the journal entries for Sheffield Corporation for both the date of declaration
and the date of distribution. (List all debit entries before credit entries. Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Declaration Date
Debit
Distribution Date
Transcribed Image Text:Sheffield Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheffield Corporation for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Declaration Date Debit Distribution Date
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