Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with both QS 11-7 (Algo) Accounting for small stock dividends LO P2 Epic Incorporated has 11.400 shares of $2 par value common stock

need help with both
image text in transcribed
image text in transcribed
image text in transcribed
QS 11-7 (Algo) Accounting for small stock dividends LO P2 Epic Incorporated has 11.400 shares of $2 par value common stock outstanding. Epic declares a 19% stock dividend on July 1 when the stock's market value is $22 per share. The stock dividend is distributed on July 20. Prepare Journal entries for (a) declaration and (b) distribution of the stock dividend, View transaction list Journal entry worksheet 1 Record the declaration of a 19% stock dividend Note: Enter debits before credits Date Credit Debit 47,652 July 01 General Journal Retained camings Common stock dividend distributable Pad.in capital in excess of par value common stock 4,332 Journal entry worksheet Record the distribution of 19% stock dividend. Note: Enter debits before credits. Debit Date July 20 General Journal Common stock dividend distributable Credit 4,332 Journal entry worksheet Record the declaration of a 19% stock dividend, Note: Enter debits before credits. Credit Date July 01 Debit 47,652 General Journal Retained eamings Common stock dividend distributable Paid-in capital in excess of par value, common stock 4,332

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions