The shares are to On September 15, 2018, the Scottie Company board of directors

Question

The shares are to On September 15, 2018, the Scottie Company board of directors declared a 12% stock dive end be distributed on October 10, 2018, to shareholders of record on October 1, 2018. The market p there were 1,600.000 shares outstanding prior to the declaration of the stock dividend Required: on common shares decaraton 8 while the market price on the date of distribution was s258 The common stock has a paror ss iner share and al entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record declaration of common stock dividend Note: Enter debits before credits Date General Journal Debit Credit September 15, 2018

Explanation / Answer

Date General journal Debit Credit 9/15/2018 Stock dividend (1,600,000*12%)*23.8 4569600 Common stock div distributable 960000 paid in capital in excess of par 3609600 10/1/2018 No entry 10/10/2018 Common stock dividend distributable 960,000 Common stock. 960,000

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