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On March 1, Pharoah Ltd. had 416,000 common shares issued and the balance in its Common Shares account was $624,000. The company declared a 5%
On March 1, Pharoah Ltd. had 416,000 common shares issued and the balance in its Common Shares account was $624,000. The company declared a 5% stock dividend to shareholders of record on March 14, to be distributed on March 31. The fair value per share was $5 on March 1.5485 on March 14, and 55.35 on March 31. Prepare the entries on the appropriate dates to record the stock dividend. (Credit account titles are automatically indented when the Date Account Titles and Explanation Debit Credit To record declaration of stock dividend.) (To record distribution of stock dividend.)
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