Splish Corporation has outstanding 484,000 shares of $10 par value common stock.

Question

Splish Corporation has outstanding 484,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries 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.) Debit Credit Account Titles and Explanation Declaration Date Distribution Date

Explanation / Answer

Declaration Date

Retained Earnings $4,840,000

Common Stock Dividend Distributable $4,840,000   

Distribution Date

Common Stock Dividend Distributable $4,840,000

Common Stock $4,840,000

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