Big Ben Corporation has 250,000 shares of $50 par common stock outstanding On May 10, Big Ben Corporation declared a 2 stock dividend to be issued August 1 to stockholders of record on June 9 The market price of the stock was $60 per share on May 10 Journalize the entries required on May 10, June 9...

May 10 Stock Dividends 250000 2 60 300000 Stock Divid ...

Big Ben Corporation has 250,000 shares of $50 par common stock outstanding. On May 10, Big Ben

Question:

Big Ben has 250,000 shares of $50 par outstanding. On May 10, Big Ben declared a 2% stock to be issued August 1 to stockholders of record on June 9. The market price of the stock was $60 per share on May 10.
Journalize the entries required on May 10, June 9, and August 1.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...