On July 31, 201X, Landsdown Corporation had the following stockholders equity: Common Stock, $10 par value, authorized

Question:

On July 31, 201X, Landsdown had the following stockholders’ equity:
Common Stock, $10 par value, authorized 89,000 shares, 56,000 shares
issued and outstanding .............. $560,000
Retained Earnings ............... 180,000
Total Stockholders’ Equity ............ $740,000
On August 5, 201X, the board of directors declared a 10% stock to be issued on September 6, 201X, to the stockholders of record on August 19, 201X. At time of declaration the market price was $18 per share. Prepare the appropriate journal entries for this stock Corporation
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