On June 30, the board of directors of Sandals, Inc., declares a 100% stock divid
ID: 2487017 • Letter: O
Question
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 23,000, $1 par, common shares. The market price of Sandals common stock is $28 on June 30.
Record the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 23,000, $1 par, common shares. The market price of Sandals common stock is $28 on June 30.
Explanation / Answer
Common stock holders a/c Dr. $23,000 ----
To common stock dividend payable ----- $23,000.
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