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On January 1, Amman Corporation had 240,000 ordinary shares with a $10 par value outstanding. On June 17, the company declared a 15% share dividend
On January 1, Amman Corporation had 240,000 ordinary shares with a $10 par value outstanding. On June 17, the company declared a 15% share dividend to shareholders of record on June 20. Market value of the shares was $15 on June 17. The shares were distributed on June 30. The entry to record the transaction of June 17 would include a Select one: debit to Cash Dividends for $540,000. credit to Ordinary Share Dividends Distributable for $360,000. credit to Ordinary Share Dividends Distributable for $540,000. credit to Cash for $540,000. Next page bus page
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