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Madrid Corporation has 11,000 shares of $40 par common stock outstanding. On June 8, Madrid Corporation declared a 2% stock dividend to be issued August
Madrid Corporation has 11,000 shares of $40 par common stock outstanding. On June 8, Madrid Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $56 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
| June 8 | No Entry RequiredCash DividendsCommon StockPaid-In Capital in Excess of Par-Common StockStock Dividends | - Select - | - Select - |
| Cash Dividends PayableNo Entry RequiredPreferred StockStock Dividends DistributableStock Dividends | - Select - | - Select - | |
| CashCommon StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockPreferred StockStock Dividends | - Select - | - Select - | |
| July 13 | Common StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockStock Dividends DistributableStock Dividends | - Select - | - Select - |
| Common StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockStock Dividends DistributableStock Dividends | - Select - | - Select - | |
| Aug. 12 | Common StockNo Entry RequiredPaid-In Capital in Excess of Par-Common StockStock Dividends DistributableStock Dividends | - Select - | - Select - |
| CashCommon StockNo Entry RequiredStock Dividends DistributableStock Dividends | - Select - | - Select - |
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