The shareholders' equity of Core Technologies Company on June 30, 2023, included the following: Common stock, $1 par; authorized, 5 million shares; issued and outstanding, 1 million shares Paid-in capital-excess of par Retained earnings $ 1,000,000 4,000,000 8,000,000 On April 1, 2024, 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 $20 on April 1, 2024, and $30 on June 1, 2024. Required: Prepare the journal entries to record the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event select "No journal entry required" in the first account field
The shareholders' equity of Core Technologies Company on June 30, 2023, included the following: Common stock, $1 par; authorized, 5 million shares; issued and outstanding, 1 million shares Paid-in capital-excess of par Retained earnings $ 1,000,000 4,000,000 8,000,000 On April 1, 2024, 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 $20 on April 1, 2024, and $30 on June 1, 2024. Required: Prepare the journal entries to record the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event select "No journal entry required" in the first account field
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 99.4C
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