Brief Exercise 15-13 Your answer is partially correct. Try again. Headland Corpo

Question

Brief Exercise 15-13 Your answer is partially correct. Try again. Headland Corporation has outstanding 444,000 shares or $10 par value common stock. The corporation declares a 5% stock dividend when the fair value or the stock is $67 per share Prepare the journal entries for Headland 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.) Account Titles and Explanation Debit Credit Declaration Date Retained Earning5 2974800o Dividends Payable 444D00 Paid-in Capital in Excess of Par- Cammon Stoc 29304000 444D00 Common Stock 444000 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Retained earnings a/c (444000*5%*67) 1487400 Common stock dividend distributable a/c (444000*5%*10) 222000 Paid in capital in excess of par (444000*5%*57) 1265400 Common stock dividend distributable a/c 222000 Common stock a/c 222000

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