On July 31, 201X, Lucky Corporation had the following stockholders' equity: Common Stock, $9 par value, authorized

Question:

On July 31, 201X, Lucky Corporation had the following stockholders' equity:

Common Stock, $9 par value, authorized 93,000 shares, 63,000 shares issued and outstanding

...........................................................................................$567,000

Retained Earnings......................................................................190,000

Total Stockholders' Equity..........................................................$757,000

On August 5, 201X, the board of directors declared a 6% stock dividend to be issued on September 6, 201X, to the stockholders of record on August 19, 201X. At time of declaration the market price was $17 per share. Prepare the appropriate journal entries for this stock dividend.

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...