The shareholders\' equity of Core Technologies Company on June 30, 2017, include
ID: 2545860 • Letter: T
Question
The shareholders' equity of Core Technologies Company on June 30, 2017, included the following Common stock, $1 par, authorized, 8 million shares $ 3,000,000 12,000,000 4,000,000 issued and outstanding, 3 mililion shares Paid-in capital excess of par Retained earnings on April 1, 2018, the board of directors of Core Tecn loges dedared 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 Complete this question by entering your answers in the tabs below. General Stock Dividend Journal Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the declaration of the stock dividend. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2018 General JournalExplanation / Answer
Date
General journal
Debit
Credit
April 1 , 2018
Retained Earnings (3000,000*$30)
$9,000,000
Stock Dividend Distributable(300,000*$1)
$300,000
Paid in capital in excess of par(300,000*$29)
$8,700,000
June 1 , 2018
stock dividend distributable
$300,000
common stock
$300,000
Date
General journal
Debit
Credit
April 1 , 2018
Retained Earnings (3000,000*$30)
$9,000,000
Stock Dividend Distributable(300,000*$1)
$300,000
Paid in capital in excess of par(300,000*$29)
$8,700,000
June 1 , 2018
stock dividend distributable
$300,000
common stock
$300,000
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