The following account balances appear on the balance sheet of Osgood Industries:

Common stock (300,000 shares authorized, $100par) : $10,000,000

Paid in capital excess of par- common stock: $2,000,000

Retained earnings: &45,000,000

The board of directors declared a 2% stock dividend when the market price of the stock was $135 a share. Osgood reported no income or loss for the current year.

Required:

(1) jurnalize the entities to record

A. The declaration of the dividend, capitalizing an amount equal to market value ; and

B. the issuance of stock certificates

(2) determine the following amounts before the stock dividend was declared:

A. Total paid in capital

B. total retained earnings; and

C. Total stockholders equity

(3)determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year

A. Total paid in capital

B. total retained earnings ; and

C. Total stockholders equity

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