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ACH Company had outstanding 100,000 shares of $5 par-value common stock on August 13, 20X1. On that date, it declared a 10 percent common stock
ACH Company had outstanding 100,000 shares of $5 par-value common stock on August 13, 20X1. On that date, it declared a 10 percent common stock dividend distributable on September 15 to stockholders of record on September 1. The estimated fair value of the shares at the time of the declaration was $30 per share. Give any general journal entries necessary on August 13, September 1, and September 15, 20X1.
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