Please provide answers to the red boxes, and show work to ensure accuracy. Thank

Question

Please provide answers to the red boxes, and show work to ensure accuracy. Thank you!

The stockholders’ equity accounts of ABC Inc. have the following balances on December 31, 2017.

Shares of ABC Inc. stock are currently selling on the Midwest Stock Exchange at $24.
Prepare the appropriate journal entries for each of the following independent cases.

Please ONLY choose from this list of accounts

Cash
Common Stock
Common Stock Dividend Distributable
Computers
Dividends Payable
No Entry
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Paid-in Capital in Excess of Stated Value - Common Stock
Preferred Stock
Retained Earnings
Treasury Stock

Common stock, $3 par, 1,000,000 shares issued and outstanding $3,000,000 Paid-in-capital in excess of par – common stock 5,700,000 Retained earnings 7,714,000 A stock dividend of 10% is declared and issued. (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 O for the amounts.) Account Titles and Explanation Debit Credit Retained Earnings 2,400,000 Common Stock Dividend Distributable 300,000 Paid-in Capital in Excess of Par Common Stock 2,100,000 Common Stock Dividend Distributable 300,000 Common Stock

Explanation / Answer

Retained Earnings $ 3000000 Common Stock Dividend Distributable $ 3000000 Common Stock $ 3000000 Common Stock Dividend Distributable $ 3000000 (A common journal entry for declare and issue of stock dividen)

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