Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The shareholders' equity of Core Technologies Company on June 30, 2020, included the following: Common stock, $1 par; authorized, 5 million shares; issued and outstanding,

image text in transcribedimage text in transcribed

The shareholders' equity of Core Technologies Company on June 30, 2020, included the following: Common stock, $1 par; authorized, 5 million shares; issued and outstanding, 1 million shares Paid-in capital-excess of par Retained earnings $1,000,000 4,000,000 8,000,000 On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $20 on April 1, 2021, and $30 on June 1, 2021. Required: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend. Complete this question by entering your answers in the tabs below. Stock General Dividend Journal Complete the below table to calculate the stock dividend. Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued % Value of stock dividend Stock Dividend General Journal > View transaction list X > 1 Record the declaration of the stock dividend. 2 Record the distribution of the stock dividend. Credit Note : = journal entry has been entered Record entry View general journal Clear entry

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 Major Accounting Firms Understanding The Role Of Global Auditing Giants

Authors: Seth Nashe

1st Edition

B0CGKZ5Y2Q, 979-8859081318

More Books

Students also viewed these Accounting questions

Question

2. How do business reports differ from business letters?

Answered: 1 week ago

Question

differentiate the function ( x + 1 ) / ( x ^ 3 + x - 6 )

Answered: 1 week ago