Windsor Corporation has outstanding 440,000 shares of $10 par value common stock. The corporation declares a 10% stock dividendwhen the fair value of the stock is $69 per share.Prepare the journal entries for Windsor Corporation for both the date of declaration and the date of distribution. (List all debit entriesbefore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is

The term "stock dividend" refers to a payout made in the form of additional shares to current shareholders of a company rather than a cash payment for the ownership of shares exercised by the shareholders.DateAccount Titles & ExplanationDebitCredit Retained Earnings (440000*10%*$69)$3,036,000 Common Stock Dividends Distributable (440000*10%*10) $440,000 Paid in Capital in Excess of Par - Common Stock (440000*10%*59) $2,596,000 To record declaration of stock dividendDateAccount Titles & ExplanationDebitCredit Common Stock Dividends Distributable$440,000 Common Stock $440,000 To record issuance of stock dividendJournal entries recorded in second step.

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Business

Accounting

Windsor Corporation has outstanding 440,000 shares of $10 par value common stock. The corporation declares a 1 when the fair value of the stock is $69 per share.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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