Question
On January 1, 2020, Oriole Corporation had $1,480,000 of common stock outstanding that was issued at par. It also had retained earnings of $742,000. The
On January 1, 2020, Oriole Corporation had $1,480,000 of common stock outstanding that was issued at par. It also had retained earnings of $742,000. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2020, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| a. | Par value is $10, and market price is $18. | |
| b. | Par value is $5, and market price is $21. |
| No. | Account Titles and Explanation | Debit | Credit |
| a. | |||
| b. | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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