Exercise 11-14 On January 1, 2015, Frontier Corporation had $1,292,000 of common
ID: 2599978 • Letter: E
Question
Exercise 11-14
On January 1, 2015, Frontier Corporation had $1,292,000 of common stock outstanding that was issued at par. It also had retained earnings of $748,000. The company issued 39,700 shares of common stock at par on July 1 and earned net income of $407,300 for the year.
Journalize the declaration of a 15% stock dividend on December 10, 2015, for the following independent assumptions. (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.)
No.
Account Titles and Explanation
Debit
Credit
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Journal entry :
Journal entry :
No Accounts title and explanation debit credit a) Retained earnings (25335*18) 456030 Common stock dividend distributable a/c 253350 Paid in capital in excess of par value 202680 (To record declaration of stock dividend)Related Questions
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