Spectrum Corporation has 600,000 shares of $75 par common stock outstanding On February 13, Spectrum Corporation declared a 4 stock dividend to be issued April 30 to stockholders of record on March 14 The market price of the stock was $90 per share on February 13 Journalize the entries required on ...

Date Particulars 13Feb Stock Dividends 600000 shares X 4 90 ...

Spectrum Corporation has 600,000 shares of $75 par common stock outstanding. On February 13, Spectrum Corporation declared

Question:

Spectrum has 600,000 shares of $75 par outstanding. On February 13, Spectrum declared a 4% stock to be issued April 30 to stockholders of record on March 14. The market price of the stock was $90 per share on February 13.
Journalize the entries required on February 13, March 14, and April 30.

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...