Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 1, 2020, Wood Co. declares 12% stock dividend on its 80,000 shares of $5 par value common stock outstanding, at that date the

On September 1, 2020, Wood Co. declares 12% stock dividend on its 80,000 shares of $5 par value common stock outstanding, at that date the stock fair market value was $7. .... 1)Total new number of outstanding shares after the issuance of stock dividend is: * 80,000 shares 89,600 shares 70,400 shares 9,600 shares None of the above .... 2)Common stock dividend distributable in the declaration date is: * Debit $67,200 Debit $48,000 Credit $67,200 Credit $48,000 None of the above ... 3)Stock dividend amount is: * Debit $67,200 Debit $48,000 Credit $67,200 Credit $48,000 None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Customer Support Audit

Authors: Colin G. Armistead

1st Edition

190776609X, 978-1907766091

More Books

Students also viewed these Accounting questions

Question

The nature and importance of the global marketplace.

Answered: 1 week ago