The shareholders' equity of Core Technologies Company on June 30, 2020, included the following: Common stock, $1 par; authorized, 8 million shares; Issued and outstanding, 3 million shares $ 3,000,000 Paid-in capital-excess of par 12,000,000 Retained earnings 19,000,000 ON April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies’ common stock was $34 on April 1, 2021, and $44 on June 1, 2021. Required: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend. Sock Dividend Complete the below table to calculate the stock dividend. Stock Dividend Number of outstanding shares _______________ _____ Stock dividend percentage (%) _______________ % Number of shares to be issued _______________ _____ _________________________ _______________ _____ Value of stock dividend $ 0 _____ Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) Journal entry worksheet Record the declaration of the stock dividend. Record the distribution of the stock dividend.
The shareholders' equity of Core Technologies Company on June 30, 2020, included the following:
Common stock, $1 par; authorized, 8 million shares;
Issued and outstanding, 3 million shares $ 3,000,000
Paid-in capital-excess of par 12,000,000
ON April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies’ common stock was $34 on April 1, 2021, and $44 on June 1, 2021.
Required:
Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend.
- Sock Dividend
Complete the below table to calculate the stock dividend.
Stock Dividend
Number of outstanding shares _______________ _____
Stock dividend percentage (%) _______________ %
Number of shares to be issued _______________ _____
_________________________ _______________ _____
Value of stock dividend $ 0 _____
- Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select “No
journal entry required” in the first account field.)
Journal entry worksheet
- Record the declaration of the stock dividend.
- Record the distribution of the stock dividend.
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