Exercise 11-14

On January 1, 2017, Frontier Corporation had $1,100,000 of common stock outstanding that was issued at par. It also had retained earnings of $742,500. The company issued 41,000 shares of common stock at par on July 1 and earned net income of $405,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2017, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(a)		Par value is $10, and market price is $18.
(b)		Par value is $5, and market price is $22.

LIST OF ACCOUNTS:

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Cost of Goods Sold Depreciation Expense Dividends Payable Equipment Income Summary Income Tax Expense Income Tax Payable Interest Expense Interest Payable Inventory Land No Entry Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Stock Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue