Whispering Corporation has outstanding 427,000 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 Whispering 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 Debit Credit Declaration Date
Whispering Corporation has outstanding 427,000 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 Whispering 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 Debit Credit Declaration Date
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question
![Whispering Corporation has outstanding 427,000 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 Whispering 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
Debit
Credit
Declaration Date](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F06e164d5-e81f-4e83-8063-e5f714ce38d2%2F60499779-50ac-40f6-ac9a-0cf7530a7572%2F7vnhbkh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Whispering Corporation has outstanding 427,000 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 Whispering 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
Debit
Credit
Declaration Date
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