A corporation had stockholders\' equity on January 1 as follows: Common Stock, $

Question

A corporation had stockholders' equity on January 1 as follows: Common Stock, $10 par value, 1,500,000 shares authorizd, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $2,500,000. Prepare journal entries to record the following transactions: Feb 15. The board of directors declared 10% stock dividends to stockholders of record on March 1, to be issued on April 15. The stock trading at $8 per share prior to the dividend. March 31 Sold 100,000 shares of common stock for $11 per share. Mar. 15 Issued the stock dividend.

Explanation / Answer

Although I couldn't find an exact answer, this document has similar problems along with their solutions:

file:///Users/praagya/Downloads/2010-07-29_140008_grigsby_2.doc

Hope this helped a little bit.
Cheers, mate!

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.