Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A corporation had 50,000 shares of $15 par value common stock outstanding. The board of directors declared and issued a 5% stock dividend. The market

image text in transcribed
A corporation had 50,000 shares of $15 par value common stock outstanding. The board of directors declared and issued a 5% stock dividend. The market value of the stock was $36 per share. What is the journal entry to record this stock dividend? Mumple Choice Debit Retained Earnings for $90.000, credit Common Stock for $37.500, and credit Additional Paid in Capital for $52,500 Debit Retained Earnings and credit Common Stock for $37,500 Debit retained Earnings and credit Cain for 390.000 Den Petained furnings and credit Common Stock for $10,000 Dute Pretained Earnings for $127.500, creat Common Shock for $92,300, and credit raditional Pain C for $90,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

13th Edition

8120335643, 136126634, 978-0136126638

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago