Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

with the following two part question. The shareholders equity of Core Technologies Company on June 30, 2010, included the following: Common stock, $1 par; authorized,

with the following two part question. The shareholders equity of Core Technologies Company on June 30, 2010, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares $ 3,000,000 Paid-in capitalexcess of par 12,000,000 Retained earnings 14,000,000 On April 1, 2011, 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 $30 on April 1, 2011, and $40 on June 1, 2011. Required: Prepare the journal entry to record the distribution of the stock dividend on the declaration date. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.) April 1, 2011 Retained Earnings (debit) = ? Paid in capital excess of par (credit) = ? Commons stock dividend distributable (credit) = ? June 1, 2011 Common stock dividend distributable (debit) = ? Common stock (credit) =

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

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell

9th Edition

1119754054, 9781119754053

More Books

Students also viewed these Accounting questions

Question

Do any of my ideas contradict one another?

Answered: 1 week ago