The shareholders equity of Core Technologies Company on June 30, 2017 included t

Question

The shareholders equity of Core Technologies Company on June 30, 2017 included the following 909 points Cons on stock, $1 par: authorized, 7 sillion shares issued and out st andina.3 illion shares Paid-in capital-excess of par Retalned earni ngs 3,000,000 2 000.000 16.000,000 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 or Core Technologies' common stock was $36 on April 1, 2018, and $46 on June 1, 2018. okRequired: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend. Hint Complete this question by entering your answers in the tabs below Print General ournal References Prepare the journal entries to record the declaration and dstribution of the stock dividend. (If no entry transaction/event, select "No journal entry required" in the first account field.) required View transaction list Journal entry worksheet Record the declaration of the stock dividend NotE: Enter debits before credits. Apnl 01, 2018

Explanation / Answer

Number of shares issued as stock dividend 3000000*.10 : 300,000 shares

Date Account Debit credit 1 april 2018 Retained earning [300000*36] 10,800,000 stock dividend distributable [300000*1] 300000 Paid in capital inexcess of par 10,500,000 [being stock dividend declared] june 1 2018 stock dividend distributable 300000 common stock 300000

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