Question
Madrid Corporation has 18,000 shares of $40 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August
Madrid Corporation has 18,000 shares of $40 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $46 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
| Jun. 8 | Stock Dividends | fill in the blank 2 | fill in the blank 3 |
| Stock Dividends Distributable | fill in the blank 5 | fill in the blank 6 | |
| Paid-In Capital in Excess of Par-Common Stock | fill in the blank 8 | fill in the blank 9 | |
| Jul. 13 | No Entry Required | fill in the blank 11 | |
| No Entry Required | fill in the blank 13 | ||
| Aug. 12 | Stock Dividends Distributable | fill in the blank 15 | |
| Common Stock | fill in the blank 17 |
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
