Question
Centerville Bancshares has 35,000 shares of $1 par value common stock outstanding. Suppose Centerville declares and distributes an 8% stock dividend when the market value
Centerville
Bancshares has
35,000
shares of
$1
par value common stock outstanding. Suppose
Centerville
declares and distributes
an
8%
stock dividend when the market value of its stock is
$18
per share.
1.Journalize
Centerville's
declaration and distribution of the stock dividend on May 11. An explanation is not required.
2.What was the overall effect of the stock dividend on
Centerville's
total assets? On total liabilities? On total stockholders' equity?
Question content area bottom
Part 1
1. Journalize
Centerville's
declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journal EntryDateAccountsDebitCreditMay11Step by Step Solution
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