Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alexander inc.,declared and distributed a 10percent stock dividend on its 700,000 shares of outstanding $5 par value common stock when the stock was selling for

Alexander inc.,declared and distributed a 10percent stock dividend on its 700,000 shares of outstanding $5 par value common stock when the stock was selling for $12 per share. The outstanding shares had originally been sold at $8 per share. The balance in retained earnings before the declaration of the stock dividend, but after the addition of the current year's net income was $995,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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 Theory And Practice

Authors: Bhabatosh Banerjee

13th Edition

9788120349087

More Books

Students also viewed these Accounting questions

Question

Define job pricing. What is the purpose of job pricing?

Answered: 1 week ago

Question

What are some companywide pay plans? Briefly discuss each.

Answered: 1 week ago