The stockholders’ equity section of TVX Company on February 4 follows. Common stock—$25 par value, 150,000 shares authorized, 60,000 shares issued and outstanding $ 1,500,000 Paid-in capital in excess of par value, common stock 420,000 Retained earnings 555,000 Total stockholders’ equity $ 2,475,000 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 $36 per share on February 5 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution. 1 Record the declaration of a 2% stock dividend. 2 Record the distribution of a 2% stock dividend. Please avoid solutions in image format thank you
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1 Record the declaration of a 2% stock dividend.
2 Record the distribution of a 2% stock dividend.
Please avoid solutions in image format thank you
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