Homework Help is Here – Start Your Trial Now!
Business
Accounting
Your answer is partially correct. Oriole Corporation has outstanding 489,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for Oriole 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 Declaration Date Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock Distribution Date Common Stock Dividend Distributable Common Stock Debit 3031800 Credit 0 489000 0 2542800 489000 489000 1

Your answer is partially correct. Oriole Corporation has outstanding 489,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for Oriole 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 Declaration Date Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock Distribution Date Common Stock Dividend Distributable Common Stock Debit 3031800 Credit 0 489000 0 2542800 489000 489000 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Give me correct answer with explanation.j

Your answer is partially correct. Oriole Corporation has outstanding 489,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for Oriole 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 Declaration Date Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock Distribution Date Common Stock Dividend Distributable Common Stock Debit 3031800 489000 Credit 489000 2542800 489000
Transcribed Image Text:Your answer is partially correct. Oriole Corporation has outstanding 489,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for Oriole 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 Declaration Date Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock Distribution Date Common Stock Dividend Distributable Common Stock Debit 3031800 489000 Credit 489000 2542800 489000
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS