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

Question

Brief Exercise 15-13 Your answer is partially correct. Try again. Larkspur Corporation has outstanding 479,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $69 per share. Prepare the journal entries for Larkspur 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 O for the amounts) Declaration Date Distribution Date

Explanation / Answer

Retained earnings 1652550 =479000*5%*69        Paid in capital in excess of par-Common stock 1413050        Common stock dividend distributable 239500 =479000*5%*10 Common stock dividend distributable 239500        Common stock 239500

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