Question
On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $20
On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $20 per share.The balance in the common stock account, before the stock dividend was declared, was $1,100,000.The par value of all common stock is $10.What is the total dollar amount credited to additional paid in capital - common stock on August 1, 2018?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
