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On January 1, Sway Corporation had 60,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend
On January 1, Sway Corporation had 60,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The entry to record the transaction of March 17 would include a
A. debit to Common Stock Dividends Distributable for $60,000.
B. credit to Cash for $78,000.
C. credit to Common Stock Dividends Distributable for $60,000.
D. credit to Stock Dividends for $18,000.
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