Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A corporation had 30,000 shares of $6 par value common stock outstanding. The board of directors declared and issued a 20% stock dividend. The market
A corporation had 30,000 shares of $6 par value common stock outstanding. The board of directors declared and issued a 20% stock dividend. The market value of the stock was $34 per share. What is the journal entry to record this stock dividend? Multiple Choice Debit Retained Earnings and credit Common Stock for $204,000. Debit Retained Earnings for $204,000, credit Common Stock for $36,000, and credit Additional Paid-in Capital for $168,000. Debit Retained Earnings for $240,000, credit Common Stock for $36,000, and credit Additional Paid-in Capital for $204,000. Debit Retained Earnings and credit Common Stock for $36,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started