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On January 1, 2022, Bramble Corp. had $1,020,000 of common stock outstanding that was issued at par and retained earnings of $760,000. The company issued
On January 1, 2022, Bramble Corp. had $1,020,000 of common stock outstanding that was issued at par and retained earnings of $760,000. The company issued 41,000 shares of common stock at par on July 1 and earned net income of $409,000 for the year. Journalize the declaration of a 15% stock dividend on December 10, 2022, for the following two independent assumptions.
(a) | Par value is $10 and market price is $15. | |
(b) | Par value is $5 and market price is $8. |
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