Stock Dividends

On August 1, 2020,Perkins declares a 15% Common Stock dividend.The market (fair) value of the stock on August 1, 2020, is $30 per share.August 15, 2020, is the date of record.The stock dividend will be distributed on August 31, 2020.

Instructions:

(a)Prepare required journal entries for August 1, 15, and 31, 2020.If no journal entry is required, state NA.

Assume that Perkins declares a 30% Common Stock dividend instead of a 15% stock dividend.Prepare required journal entries for August 1, 15, and 31, 2020.If no journal entry is required, state NA