Question
On August 5, the board of directors of Nick Co. declared a 5% stock dividend on its 120 million, $1 par, common shares, to be
On August 5, the board of directors of Nick Co. declared a 5% stock dividend on its 120 million, $1 par, common shares, to be distributed on September 1. The market price of Nick Co.'s common stock was $35 on August 5.
Complete the below table to calculate the stock dividend.
Prepare a journal entry that summarizes the declaration and distribution of the stock dividend.
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
10th edition
9780077515904, 007802529X, 77515900, 978-0078025297
