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Exercise 18-19 Stock dividend [LO18-8] The shareholders equity of Core Technologies Company on June 30, 2015, included the following: Common stock, $1 par; authorized, 8
Exercise 18-19 Stock dividend [LO18-8]
The shareholders equity of Core Technologies Company on June 30, 2015, included the following: |
Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares | $ | 3,000,000 | |
Paid-in capitalexcess of par | 12,000,000 | ||
Retained earnings | 11,000,000 | ||
On April 1, 2016, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies common stock was $26 on April 1, 2016, and $36 on June 1, 2016. |
Required: |
Complete the below table to calculate the stock dividend. |
Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
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