Brief Exercise 15-13 Culver Corporation has outstanding 303,000 shares of $10 pa

Question

Brief Exercise 15-13 Culver Corporation has outstanding 303,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Culver Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation Declaration Date Distribution Date

Explanation / Answer

Retained Earnings 2151300 =303000*71*10%         Common Stock Dividend Distributable 303000 =303000*10*10%         Paid-in Capital in Excess of Par-common 1848300 Common Stock Dividend Distributable 303000         Common stock 303000

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