Oceanview Water Sports has 19,000 shares of $3 par value common stock outstandin

Question

Oceanview Water Sports has 19,000 shares of $3 par value common stock outstanding. Oceanview distributes a 15% stock dividend when the market value of its stock is $17 per share. Requirements Journalize Oceanview's declaration of the stock dividend on September 15 and distribution on September 30. What is the overall effect of the stock dividend on Oceanview's total assets? What is the overall effect on total stockholders' equity? Requirement 1. Journalize Oceanview's declaration of the stock dividend on September 15 and distribution on September 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend on September 15.

Explanation / Answer

journal retained earnings 48450 To common stock 8550 To paid in capital in excess of par 39900

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