Answered step by step
Verified Expert Solution
Question
1 Approved Answer
there should be more. what am i missing ? Exercise 18-19 (Algo) Stock dividend (LO18-8] The shareholders' equity of Core Technologies Company on June 30,
there should be more. what am i missing ? Exercise 18-19 (Algo) Stock dividend (LO18-8] The shareholders' equity of Core Technologies Company on June 30, 2020, Included the following: Common stock, $1 par; authorized, 7 million shares; issued and outstanding, 2 million shares Paid-in capital-excess of par Retained earnings $ 2,000,000 8,000,000 20,000,000 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 $36 on April 1, 2021, and $46 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Stock Dividend General Journal Date Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No General Journal Dobit Credit 1 April 01, 2021 Retained earnings 7,200,000 Common stock dividends distributable 200,000 Paid-in capital - excess of par 7,000,000 2 June 01, 2021 200,000 Common stock dividends distributable Common stock No journal entry required 200,000
there should be more. what am i missing ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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