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On January 1, Crane Corporation had 114000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock
On January 1, Crane Corporation had 114000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock dividend to stockholders of record on March 20. Market value of the stock was $12 on March 17. The entry to record the transaction of March 17 would include a debit to Common Stock Dividends Distributable for $182400. O credit to Common Stock Dividends Distributable for $182400. O credit to Cash for $218880. credit to Stock Dividends for $36480.
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