Number of outstanding shars On June 13, the board of directors of Siewert Inc. d

Question

Number of outstanding shars

On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 20 million, $5 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $16 on June 13.

Complete the below table to calculate the stock dividend. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Prepare the journal entry to record the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Stock Dividend                 

Number of outstanding shars

Stock dividend percentage Number of shares to be issued Value of stock dividend

Explanation / Answer

Complete the below table to calculate the stock dividend. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Prepare the journal entry to record the stock dividend.

Stock Dividend                  Number of outstanding shars 20 Stock dividend percentage 5% Number of shares to be issued 1 Market price 16 Value of stock dividend 16

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