11 - 32 Test Corporations: Organization, Share Transactions, Dividends, and Retained Earnings 11 - 33 197 On January 1, Swanson Corporation had 120,000 ordinary shares with a E10 par value outstanding. On March 17, the company declared a 15% share dividend to shareholders of record on March 20. Market value of the shares was E13 on March 17. The shares include a were distributed on March 30. The entry to record the transaction of March 30 would a. credit to Cash for E180,000. 120 000 x 0. 15 X 13 debit to Ordinary Share Dividends Distributable for E180,000. credit to Share Premium-Ordinary for 654,000. debit to Cash Dividends for 654,000. Ans: b, LO: 5, Bloom: AP, Difficulty: Medium, Min: 2, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC. Problem Solving, IMA: FSA 198. On January 1, Sandford Corporation had 160,000 ordinary shares with a $10 par value outstanding. On June 17, the company declared a 15% share dividend to shareholders of record on June 20. Market value of the shares was $15 on June 17. The entry to record ild include a