Entries for stock dividends Obj. 3 Olde Wine Corporation has 250,000 shares of $40 par common stock outstanding. On February 15, Olde Wine declared a 2% stock dividend to be issued May 2 to stockholders of record on March 27.

The market price of the stock was $52 per share on February 15.

Journalize the entries required on February 15, March 27, and May 2.

AppendixLO1