Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Stock Dividends Crystal Corporation has the following information regarding its common stock: $24 par, with 300,000 shares authorized, 132,000 shares issued, and 130,600 shares
Stock Dividends Crystal Corporation has the following information regarding its common stock: $24 par, with 300,000 shares authorized, 132,000 shares issued, and 130,600 shares outstanding. On August 22, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $28 per share. Required: 1. Prepare the journal entries to record declaration and payment of this stock dividend. If an amount box does not require an entry, leave it blank. Aug. 22 2. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend. If an amount box does not require an entry, leave it blank. Aug. 22
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