Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The shareholders' equity of Core Technologies Company on June 30, 2017, included the following: Common stock, $1 par; authorized, 6 million shares; issued and outstanding,
The shareholders' equity of Core Technologies Company on June 30, 2017, included the following: Common stock, $1 par; authorized, 6 million shares; issued and outstanding, 2 million shares Paid-in capital-excess of par Retained earnings $2,000,000 8,000,000 9,000,000 On April 1, 2018, 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 $22 on April 1, 2018, and $32 on June 1, 2018. 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 Dividend General Journal Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is transaction/event, select "No journal entry required" in the first account field.) View transaction list Complete this question by entering your answers in the tabs below. Stock Dividend General 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 View transaction list Journal entry worksheet Record the declaration of the stock dividend. Note: Enter debits before credits. General Journal Debit Credit Date April 01, 2018 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the distribution of the stock dividend. Note: Enter debits before credits. General Journal Debit Credit Date June 01, 2018 Record entry Clear entry View general Journal
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