On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $18 per share.The balance in the common stock account, before the stock dividend was declared, was $900,000.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?

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The amount credited to additional paid in capital - common stock on August 1, 2018

August

1, 2018:To record declared stock dividend (10% x $900,000/$10=9,000 shares; 9,000

x $18

Debit,Retained

Earnings------------------$162,000

Credit,

Stock dividend distributable---------------------------$162,000

To

record issue of stock dividends

Debit,Stock

dividend distributable-------$162,000

Credit,Common

stock (9,000 x $10)-----------------------------$90,000

Credit,

Paid In-capital in excess of par-common stock------$72,000