The shareholders\' equity of Core Technologies Company on June 30, 2017, include

Question

The shareholders' equity of Core Technologies Company on June 30, 2017, included the following Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares Paid-in capital-excess of par Retained earnings $ 3,000,000 12,000,000 14,000,000 On April 1, 2018, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $30 on April 1, 2018, and $40 on June 1, 2018 Required: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend Answer is not complete. Complete this question by entering your answers in the tabs below. General Journal Stock Dividend Complete the below table to calculate the stock dividend Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued x Market Value June 1 Value of stock dividend 8

Explanation / Answer

No. of Shares Outstanding 3000000 Stock Dividend % 10% No. of Shares to be issued Stock Dividend 300000 Fair Value per Share on April 1                  30.00 Value of Stock Dividend          9,000,000 Account Name Debit Credit 1-Apr Retained Earnings          9,000,000 Common Stock Dividend Distributable              300,000 Paid-in Capital          8,700,000 (Being Stock Dividend Declared) 1-Jun Common Stock Dividend Distributable              300,000 To Common Stock              300,000 (Being Dividend Stock Issued)

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