Question
On January 1, Kingbird, Inc. had 94000 shares of $10 par value common stock outstanding. On May 7 the company declared a 5% stock dividend
On January 1, Kingbird, Inc. had 94000 shares of $10 par value common stock outstanding. On May 7 the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The entry to record the transaction of May 7 would include a
credit to Common Stock Dividends Distributable for $28200.
credit to Cash for $75200.
credit to Common Stock Dividends Distributable for $75200.
debit to Stock Dividends for $75200.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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
Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
