To reduce its stock price, Shriver Food Systems, Incorporated, declared and issued a 100 percent stock dividend. The company has 780,000 shares authorized and 180,000 shares outstanding. The par value of the stock is $1 per share and the market value is $100 per share. Prepare the journal entry to record this large stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

To reduce its stock price, Shriver Food Systems, Incorporated, declared and issued a 100 percent stock dividend. The company has 780,000 shares authorized and 180,000 shares outstanding. The par value of the stock is $1 per share and the market value is $100 per share. Prepare the journal entry to record this large stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 12RE: Assume that Lily Corporation has outstanding 1,500 shares of 150 par callable preferred stock that...

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