30. Davis Enterprises has 278,000 shares of $5 par value common stock outstanding. Davis declares a 40% stock dividend on March 2 when the stocks market value is $67 per share. The journal entry for the declaration of the stock dividend is: Multiple Choice Account Title Debit Credit Retained Earnings 556,000 Common Dividend Payable 556,000 Account Title Debit Credit Common Stock Dividend Distributable 556,000 Retained Earnings 556,000 Account Title Debit Credit Retained Earnings 7,450,400 Common Stock Dividend Distributable 7,450,400 Account Title Debit Credit Retained Earnings 556,000 Common Stock Dividend Distributable 556,000 No journal entry is required for the declaration of a stock dividend. 31. Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $4,000; credit Common Dividends Payable $4,000. Debit Common Dividends Payable $4,000; credit Cash $4,000. Debit Retained Earnings $4,500; credit Common Dividends Payable $4,500. Debit Common Dividends Payable $4,500; credit Cash $4,500. Debit Retained Earnings $10,000; credit Common Dividends Payable $10,000.

32.

Prior to June 30, a company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?

Multiple Choice

Debit Common Stock $4,000; credit Cash $4,000.

Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000.

Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000.

Debit Treasury Stock, Common $4,000; credit Cash $4,000.

Debit Cash $4,000; credit Treasury Stock $4,000.